6. The Medical Equipment Company paid $2.25 common stock dividend last year. The company expects a dividend growth of 10% in year 1 and 2, no growth in dividends in year 3 as the company has a large capital expenditure project to take and hence need to retain profit in that year. Then a 15% growth is expected in year 4. The companys policy is to allow its dividend to grow indefinitely at 5 percent per year starting year 5. What is the value of the stock if the shareholders required rate of return is 8 percent?