Treet Corporation is expanding rapidly, and it currently needs to retain all of its earnings, hence it does not pay any dividends. However, investors expect Microsoft to begin paying dividends, with...

Treet Corporation is expanding rapidly, and it currently needs to retain all of its earnings, hence it does not pay any dividends. However, investors expect Microsoft to begin paying dividends, with the first dividend of $6.00 coming 3 years from today. The dividend should grow rapidly—at a rate of 60 percent per year—during Years 4 and 5. After Year 4, the company should grow at a constant rate of 7 percent per year. If the required rate of return on the stock is 10 percent, what is the value of the stock today?