A stock has paid dividends of $1.50, $1.60, $1.72, and $1.80 in the last 4 years. Today the company paid a dividend of $2.00. If you buy the stock today, you will get the first dividend after one year. Due to an exciting project, the anticipated growth rate in dividends and earnings is 25% for the next 2 years before settling down to a constant growth rate which is an average of dividend growth rate implied by the last 5 dividends. The discount rate is 12%. Calculate the expected price of the stock.

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