Sawchuck Consulting has been profitable for the last 5 years, but it has never paid a dividend. Management has indicated that it plans to pay a $0.25 dividend 3 years from today, then to increase it at a relatively rapid rate for 2 years, and then to increase it at a constant rate of 8.00% thereafter. Management's forecast of the future dividend stream, along with the forecasted growth rates, is shown below. Assuming a required return of 11.00%, what is your estimate of the stock's current value?

Year	0	1	2	3	4	5	6	7
Growth rate	NA	NA	NA	NA	55%	27.5%	8.00%	8.00%
Dividends	$0.000	$0.000	$0.000	$0.25	$0.39	$0.50	$0.54	$0.58

Use the rounded values of dividends (as given in the table above) for your subsequent calculations.

Select the correct answer.

$50.00

$11.60

$39.03

$-10.34

$-21.31