A company has just paid a $2 per share dividend. The dividends are expected to grow by 23% a year for 9 years. The growth rate in dividends thereafter is expected to stabilize at 4% a year.

The appropriate annual discount rate for the company's stock is 12%.
 a. What is the company's current equilibrium stock price? 
b. What is the company's expected stock price in 20 years?