Cojective, Inc just paid a dividend of $7.80 per share (that is, D= 7.80). Investors expect this dividend to grow at 25% next year (i.e., in year 1) and at 15% the following year (i.e., in year 2). Thereafter, dividends are expected to grow at a constant rate of 5% forever (i.e., for year 3, 4, 5, ..., .o). If the required rate of return on this stock is 19.3%, the equilibrium price of the stock should be $