Time Management: multi-point question. DO NOT spend more than 6 minutes.

t = 0	t = 1	t = 2	t = 3	t = 4
D0	D1	D2	D3	D4
$1.0000	$1.0600	$1.1130	$1.15750	$1.9220
-	-	-	NPV(all future dividends) P3 = $39.7415	NPV(all future dividends) P4 = $40.9338

An analyst is using Multi-stage Dividend Discount Model DDM to value a stock which had recently paid an annual dividend. Because this company has few competitors and operates in a high growth market, she expects the annual dividend payout rate in the early years to be significant but non-constant. Furthermore, she expects this company to mature and settle down to a (lower) constant annual dividend growth rate g_c = 3% after three years. She created (see above) a table of TVM timeline of annual dividend projections. Using k_s = 6%, the valuation V₀ of this stock is $________. [POSITIVE number to TWO-decimal places]