Simpkins Corporation does not pay any dividends because it is expanding rapidly and needs to retain all

of its earnings. However, investors expect Simpkins to begin paying dividends, with the first dividend

of $$0\mathrm{.}50$ coming $3$ years from today. The dividend should grow rapidly $-$ at a rate of $60\%$ per year

$-$ during Years $4$ and $5.$ After Year $5,$ the company should grow at a constant rate of $6\%$ per year.

If the required return on the stock is $16\%,$ what is the value of the stock today $($assume the market

is in equilibrium with the required return equal to the expected return$)?$ Do not round intermediate

calculations. Round your answer to the nearest ce