Some investors expect Mazzeo Industries to have an irregular dividend pattern for several years and then to grow at a constant rate. Dividends are expected to grow by 25% for two years and 20% for the next three years. After that, growth will fall to a constant rate of 7%. Last year's dividend was $1.00. This amount of risk justifies a beta of 1.5. Currently, the S\&P 500 market risk premium is 8% with T-bill rate of 2%. If these projections are correct, what should the stock be valued at today? $34.21 $42.65 $17.79 $27.73