You are thinking about investing in Starbucks.

In March 2020, the firm paid their 2019 annual dividend of $17.50 per common share. The fiscal year of Starbucks runs April March.

Due to economic conditions, Wall street and the rest of financial market expect the firm to pay no dividends for next two years. Afterwards, the firm is expected to have fantastic growth for the next 6 years resulting in following (abnormal) dividends for those 6 years: $9.00, $14.00, $23.00, $32.00, $38.00 and $44.00. After that time, the dividend is expected to be $20 in the first year and expected to grow at 4% per year forever. You are thinking of investing in Starbucks.

Your target is to earn 11.5% on your investment, what is the stock worth today, April 1, 2020?

For this problem - today is April 1, 2020. Also, the term year used above refers to the firms fiscal years that run April March. Solve using financial calculator and show steps.