Bretton, Inc., just paid a dividend of $$3\mathrm{.}45$ on its stock. The growth rate in dividends is

expected to be a constant $5$ percent per year, indefinitely. Investors require a return of $13$

percent on the stock for the first three years, a rate of return of $11$ percent for the next

three years, and then a return of $9$ percent thereafter.

What is the current share price for the stock? $($Do not round intermediate calculations

and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

Answer is complete but not entirely correct.

Current share

price