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Agarwal Technologies was founded 10 years ago. It has been profitable for the last 5 years, but it has needed all of its earnings to support growth and thus has never paid a dividend. Management has indicated that it plans to pay a $0.25 dividend 3 years from today, then to increase it at a relatively rapid rate for 2 years, and then to increase it at a constant rate of 8.00% thereafter. Management’s forecast of the future dividend stream, along with the forecasted growth rates, is shown below. Assuming a required return of 11.00%, what is your estimate of the stock’s current value? Use the dividend values provided in the table below for your calculations. Do not round your intermediate calculations.

The Francis Company is expected to pay a dividend of D₁ = $2.25 per share at the end of the year, and that dividend is expected to grow at a constant rate of 6.00% per year in the future. The company’s beta is 1.40, the market risk premium is 5.50%, and the risk-free rate is 3.00%. What is the company’s current stock price? Do not round intermediate calculations.