20. Multiple Required Returns (LO1, CFA6) Sea Side, Inc., just paid a dividend of $1.68 per share on its stock. The growth rate in dividends is expected to be a constant 5.5 percent per year indefinitely.

Investors require an 18 percent return on the stock for the first three years, then a 13 percent return for the next three years, and then an 11 percent return thereafter. What is the current share price?