You see a fast growing company that is estimated to have dividend growth of 24%, 18%, and 14% over each of the next three years (24% in year 1, 18% in year 2, 14% in year 3) The company paid a dividend of $2.78 per share over the past twelve months. Dividends are expected to grow at a constant rate of 3.0% per year beginning in year 4 to perpetuity The risk-free rate of return is 3% and the market risk premium (expected return on the S&P 500 minus the risk-free rate of return) is 5.5%. The stock has a beta of 1.15 versus the S&P 500. Calculate the intrinsic value of this stock using the two-stage dividend discount model. (6 points) SHOW ALL WORK