ABC Corporation was founded and subsequently listed on the local stock exchange several years ago. It has 1 million shares outstanding. Lately the company has been making money and is planning to pay out dividends to its shareholders two years from today. The companys current net profit is $1 per share and it anticipates this to grow at a steady rate of 10% per year over the next 5 years. After 5 years growth in earnings is expected to stabilize at a constant rate of 5% per year perpetually. Investors required rate of return on its stocks is 11% per year. Assuming that two years from now, the company will start paying out 50% of its earnings as dividend. Using the Dividend Growth Model, what is the fair price of ABCs stock today?