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? 
Definitions:
Normal Standards
Benchmarks or norms established for a business process or operation that are considered to be a typical or expected level of performance.
Total Manufacturing Cost Variance
The difference between actual manufacturing costs and the standard costs of those manufactured items.
Direct Labor Cost Variance
The difference between the budgeted or standard cost of direct labor and the actual cost incurred, used in variance analysis for cost control.
Factory Overhead Cost Variance
The difference between the actual overhead costs incurred and the expected (or standard) costs, relating to production.
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