Church Inc. is presently enjoying relatively high growth because of a surge in the demand for its new product. Management expects earnings and dividends to grow at a rate of 17% for the next 4 years, after which competition will probably reduce the growth rate in earnings and dividends to zero, i.e., g =0. The company's last dividend, D0, was $1.25, its beta is 1.20, the market risk premium is 5.50%, and the risk-free rate is 3.00%. What is the current price of the common stock? Do not round intermediate calculations. $22.81 $20.99 $23.04 $19.85 $25.32