The board of directors of Elf Inc. expect to pay a dividend of $2.00 a year from today. It is estimated that in the next four years (i.e. years 2 through 5), the dividend will grow at an annual rate of 16 percent. Afterwards, the growth rate will be equal to 12 percent per year and continue to grow at that rate indefinitely. Calculate the present value of the Elf Inc. if the required rate of return is 15 percent.

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