AVZ is a start-up company who is using all its cash to growth so it does not plan to pay dividends for the next

4

years.

The company then plans to start paying annual cash dividends, starting at the end of year

5,

of

$6.00

for

12

years. Thereafter, the company will assume a constant growth dividend policy and the estimated growth rate in dividends forever after that point is

4%.

The price of the stock is set to yield a return of

12%.

What is the price of this stock today?

The price today is

$nothing

(Do not use $ sign. Use commas to separate thousands. In this answer, please use TWO decimals in your response and round to the nearest cents. For example if your answer is $1,110.283 then enter

1,110.28)