Some investors expect Endicott Industries to have an irregular dividend pattern for several years, and then to grow at a constant rate. Suppose Endicott has D0 = $2.00; no growth is expected for 2 years; then the expected growth rate is 8% for 2 years; and finally the growth rate is expected to be constant at 15% thereafter. If the required return is 20%, what will be the value of the stock?