California Water Service Group Co$.($CWT$),$ a utility company, has

experienced a constant growth rate of $3\%$ for a long time and the

constant growth is expected to continue. The company reported a

free cash flow to equity per share of $$3\mathrm{.}85$ for the current year

$).$ If investors require $8\%$ return, what should be CWT$\text{'}$s

stock price?

CWT$\text{'}$s stock price $=$$