An investor aims to estimate the stock price of ECY Limited. ECY Limited had earnings of $5 per share in its fiscal year of 2013. ECY's management has been paying 20 percent of earnings to investors in the past 10 years and will continue to do so in the future. The historical return on equity of ECY Limited is 3%. The investor will use growing dividend model to estimate ECY's stock price. What is the inestor's estimate if the required return by the investor is 5%