7-16 Sparkle Jewelers expects to pay dividends (per share) of $0.60, $0.90, $2.40, and $3.50 dur- ing the next four years. Beginning in the fifth year, the dividend is expected to grow at a rate of 4 percent indefinitely. If investors require a 20 percent return to purchase Sparkle's stock, what is the current value of the company's stock