13. Stock Valuation. Microtech Corporation is expanding rapidly, and it currently needs to retain all of its earnings, hence it does not pay any dividends, with the first dividend of $1.00 coming 4...

13. Stock Valuation. Microtech Corporation is expanding rapidly, and it currently needs to retain all of its earnings, hence it does not pay any dividends, with the first dividend of $1.00 coming 4 years from today. The dividend should grow rapidly—at a rate of 40 percent per year—during Years 5 and 6. Then the dividend should grow at a rate of 20 percent per year during Year 7. After Year 7, the company should grow at a constant rate of 4 percent per year. If the required return on the stock is 20 percent, what is the value of the stock today