A stock just paid an annual dividend of $$6\mathrm{.}1.$ The dividend is expected to grow by $5\%$ per year for the next $4$ years. In $4$ years, the P$/$E ratio is expected to be $18$ and the payout ratio to be $60\%.$

The required rate of return is $8\%.$

Attempt $2/3$ for $10$ pts$.$

Part $1$

What is the value of the stock?