12. Common stock X pays a dividend of 50 at the cnd of the finst year, with each subsequent anaual dividend being 5% greater than the preceding one. John purchases the stock at a theoretical price to ears an expected annual effective yicld of 10%. Immedialely after receiving the tenth dividend, John sells the stock for a price P. His annual effective yield over the ien-year period was 8\%. To the nearest dollar, P is equal to