You are evaluating a firm that expects to earn $1.50 per share next year and they pay out 40% in the form of dividends next year. What is the value of the firm if you expect dividends to increase at a rate of 25% annually for two years, then 12% annually for the following two years, then 8% annually for the next two years and then 4% thereafter, the risk free rate is 3%, the market risk premium is 6% and the beta of the firm is 1.9?