4. (10 points) Costco Wholesale Corp. (COST) is expected to pay a dividend of $2 per share next year (t = 1), $5 per share in two years (t = 2) and $12 per share in three years (t = 3). The dividend is then expected to remain constant and equal to $12 per share every year forever. The expected return on securities of the same risk as Costco's stock is 15%. Assume that we are in a well-functioning capital market, in which all securities, including Costco's stock, are correctly priced. What Costco's the stock price today