Universal Laser, Inc., just paid a dividend of $3.25 on its stock. The growth rate in dividends is expected to be a constant 5 percent per year indefinitely. Investors require a return of 14 percent on the stock for the first three years, a return of 12 percent for the next three years, and then a return of 10 percent thereafter. What is the current share price for the stock?(Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

My solution was as followed yet it is incorrect. If you can assist me in finding the flaw I would appreciate it.

P = d(1+g)^7 / r-g

3.25(1+.05)^7/.1 - .04

4.573/.06 = 76.22

(3.25(1+.05) ^4/1.12 = 3.52714) + (3.25(1+.05)^5/1.12^2) + (3.25(1+.05)^6/1.12^3) + (76.22/1.12^3) = 64.186

(3.25(1+.05)/1.14 = 2.99242) + (3.25(1+.05)^2/1.14 = 2.7571) + (3.25(1+.05)^3/1.14^3 = 2.53943) + (64.186/1.14^3 = 43.3237)

= 51.61