Nova Corporation just had its IPO. It does not plan to pay any dividends on its stock for the next 12 years. At year 13, the stock expects to pay a $7.50 dividend. Its dividends are expected to grow at an annual rate of 18% until year 32. After year 32, the growth rate drops to 2.5% and will stay at this rate forever. What is the present value of the stock using a 15% discount rate?