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 of 15% for 2 years, and then to increase it at a constant rate of 8.00% thereafter. Assuming a required return of 11.00%, what is your estimate of the stock's current value? Explain step by step.