The Itsy Bitsy Spider Co$.$ is a new firm in a rapidly growing industry. The company is

planning on increasing its annual dividend by $25$ percent a year for the next $3$ years and then

decreasing the growth rate to $4$ percent per year thereafter. The company just paid its annual

dividend in the amount of $$2\mathrm{.}50$ per share. What is the current value of one share of this

stock if the required rate of return is $9$ percent?