3. Everest Inc. is presently enjoying relatively high growth because of a surge in the demand for its new product. Management expects earnings and dividends to grow at a rate of 32% for the next 2 years, 22.95% in year 3 and 4 and after which competition will probably reduce the growth rate in earnings and dividends to constant growth rate of 6.75%. The companys last dividend was $0.85, its beta is 1.35, the market risk premium is 8.95%, and the risk-free rate is 6.75%. What is the current price of the common stock?