Auric Enterprises has an equity beta $($B$)$ of $1\mathrm{.}17.$ Assuming an EMRP of $5\%$ and a risk free rate $($Rf $)$ of $4\mathrm{.}5\%,$ what is Auric$$s cost of equity $($Re $)?$ Auric has a $100\%$ dividend payout ratio and currently pays a dividend of $$3\mathrm{.}80.$ After $5$ years it intends to reduce its dividend to $$3\mathrm{.}50$ but expects the dividend to grow at $2\%$ per year.

Using the Dividend Discount Model, what is the current value of Auric$$s stock?