stetson corporation does not pay dividends because it is expanding rapidly and needs to retain all of its earnings. however, investors expect stetson to begin paying dividends, with the first dividend of $1.20 coming 4 years from today. the dividend should grow rapidly at a rate of 60% per year during year 5 and 6. the company should grow at a constant rate of 5% per year. if required to return on the stock is 16%, what is the value of the stock today?