A small cosmetics company, from 2007 through 2012 paid the following per-share dividends:

Year Dividend per share 2012 $1.45 2011 1.29 2010 1.20 2009 1.12 2008 1.05 2007 1.00

Assume that the historical annual geometric growth rate of dividends is an accurate estimate of the future constant annual rate of dividend growth, g. The required return, r_s, is 16%. Find the value of the stock assuming constant growth of dividends.