" ABC " Company is thinking to pay a dividend of $2.25 per share at the end of the year ( This year . The company is projecting to pay the same dividend each of the following 2 years and will then increase the dividend to $ 3.00 for the subsequent 2 years . After that time the dividends will grow at a steady rate of 5 % per year .

If the required return on the company's common stock is 11 % per year , what is the current stock price ?