ABC is expecting a period of intense growth. Thus, the company has decided to retain more of its earnings to help finance the growth. As a result, the company is going to reduce the annual dividend by 25 percent a year for the next 2 years. After that, it will maintain a constant dividend of $1.00 a share. Last year, the company paid $6 per share. What is the market value of this stock closest to if the required rate of return is 10 percent?