The Walley Co firm has recently found a new type of minerals which is extremely absorbent. It is forecasted that the firm will experience an unusually high demand growth rate around 20 % during the first 3 years period. It has exclusive rights to the property where the raw material used to make this minerals are found. However, beginning with the fourth year the firms competition will have access to the material. Starting from this point will be achieved a normal growth rate of 8 percent annually. During this fast growth period, the firms dividend payout ratio will be only 20% in order to conserve funds for reinvestment. However, the decrease in growth in the fourth year will be accompanied by an increase in dividend payout to 50 %. Last years earnings were E₀ = $2.0 per share, and the firms required return is 10%.

What should be the current price of the common stock?