The PQR Corporation recently opened a new plant. Due to the large expense, it does not currently pay any dividends. However, investors expect PQR to begin paying dividends, with the first dividend of $2.00 coming 3 years from today (T=3). The dividend will grow at 20% for one year, 10% for one year, and then slow to a constant 3% per year thereafter. If you require a 12% return, what is the value of the stock today (calculate P0 )