You have been asked to determine the value of Golden, Inc. The firms current earnings are $2.00 per share. You anticipate that Goldens earnings and dividends will grow at 25% for four years and 12% thereafter. Golden will maintain a plowback ratio of 0.30. Investors expect an 14% rate of return on the stock. Calculate the current value of a share of Golden stock using a two-stage dividend discount model.

(Please compute without using excel showing all work)