DAA Inc. has an established dividend payment history. The company expects its net income will be $300,000 next year (i.e. 1 year from now). It has 100,000 shares outstanding. The company has a 50% retention rate, which it plans to keep constant. Its equity cost of capital is 12%., which is also its expected return on new investment. This is expected to continue forever. What is the fair value of the stock?