Rosendale Clothiers has decided to make significant reinvestments in its operations. Consequently, it will suspend the payment of dividends for 2 years. It anticipates paying a dividend again in year 3 in the amount of $0.80 per share. The dividend is then expected to grow at 20% per year for the next 2 years, and then grow at a long-term rate of 4% thereafter. If the required return on the stock is 11%, what is the current value of Rosendale's stock?