A stock recently made a huge dividend payment of $20/share. They plan to reduce their dividend payments by $5/share in each of the next 2 years (i.e., they will pay $15/share in year 1 and $10/share in year 2). Afterwards, they will change to a constant dividend growth policy by increasing their dividend by 4%/year, indefinitely. The required return is 15%. Calculate the stock price.

Need exact answer- Not approximate: