48. Malcolm Manufacturing, Inc. just paid a $2.00 annual dividend (that is, D0=2.00 ). There will be no dividend payment for the next two years (i.e., at t=1 and t=2). In year three (t=3), the dividend is expected to be $5.00. The dividend will then grow at 10% annually for the next 3 years (i.e., at t=4,t=5 and t=6 ) and thereafter (i.e., beginning at t=7 ) dividends will grow at a rate of 3% annually forever. Assuming a required return of 14%, what is the current price of the stock 
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