Biotec has estimated the costs of debt and equity capital for various proportions of debt in its

capital structure:

% of Debt Cost of Debt (%) Cost of Equity (%)

35 5.4 13.8

40 5.6 14.0

45 5.9 14.3

50 6.4 14.7

If Biotec pays a current dividend of $1.00 and expects dividends to grow at a constant rate of 7%, what is Biotec's stock price if it obtains its optimal capital structure?