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?