b. VTech is a Chinese company which manufactures and sells toys and telephone handsets. Its most recent dividend for the year just ended was $6. VTech has a beta of 0.75. The risk-free interest rate is 1.2% and you estimate the equity risk premium to be 8%. You forecast that dividends will grow at 10% for the next 3 years, and then decline to a permanent long-term growth rate of 4%. How much is VTech stock worth today? (5 points)