The Impulse Shopper recently paid an annual dividend of $$1\mathrm{.}13$ per share. The company just announced that it is suspending all dividend payments on its common stock for the next three years. After that, the company expects to pay $$\mathrm{.}50$ a share at the end of each year. At a required return of $18$ percent, with no growth, what is this stock worth today?

$$0\mathrm{.}00$

$$1\mathrm{.}13$

$$2\mathrm{.}78$

$$1\mathrm{.}03$