You are trying to value the stock of iRiver. iRiver is a growing company that will not pay dividends for a few years. You expect to receive a dividend of $5 in four years, $6 in six years and then the company will pay a constant dividend of $7 every year after that. If the beta is 2.5, the expected excess return on the market is 5%, and the risk-free rate is 3%, what is the fair value of the stock today?