Trslgant Inc. specializes in the design of high-end shirts. Its CEO announces the payment of a dividend of $0.5 per share in 2 years. In three years, ordinary shareholders will be paid an annual dividend of $1 for each share held. Dividends are expected to increase thereafter, indefinitely, at the rate of 4%. If the annual rate of return demanded by investors is 10%: Determine the value of the stock as of today.