A sell-side analyst from Goldman Sachs is analyzing the valuation of DuPont (mature firm) as of the beginning of 2007. In the previous fiscal year, DD paid a $1.60 annual dividend that the analyst expects to be fixed for the following 4 years and then grow at a constant rate of 4% annually indefinitely as the company finalizes its transition into mature firm. Dupont has an estimated beta of 1.4, market risk premium is 4% and rate on 10-year Treasuries is expected to be 3% in the long-term. Please compute the fair stock price based on the above assumptions (Make sure to show your graph, stages equation and work, and also indicate short/long term valuations seperately)