Your task is to value Shake Shack's (SHAKs) stock. Shake Shack's dividends two, four, and five years from now are expected to be, respectively, $3.25, $4.10, and $4.50. (Shake Shack has announced that itll not pay any dividends at t=1 and t=3, instead using nearly all free cash to add restaurants across the country.) Across years 6 and 7 and 8, dividends will grow by 7%/year. The dividends are projected to grow, after that, at a constant rate of 3% forever. SHAK has a debt-to-equity ratio (in market-value terms) of 1.0. The yield to maturity on SHAK's bonds averages 4% and the company's tax rate is 30%. If the risk-free rate is 2.2%, the market risk premium is 6%, and SHAK's equity beta is 1.25, what should the stock sell for today based on a discounted valuation of its projected dividends?