Dan has examined the companys financial statements and those of its competitors. Although Ragan Engines currently has a technological advantage, Dans research indicates that Ragans competitors are investigating other methods to improve efficiency. Given this, Dan believes that Ragans technological advantage will last only for the next 5 years. After that period, the companys growth will likely slow to the industry average. Additionally, Dan believes that the required return of 13% is too low. He believes that the industry average required return is more appropriate. Under Dans assumptions, what is the estimated stock price?

* Nautilus Marine Engines negative EPS was the result of a non-recurring accounting write-off last year. Without the write-off, EPS for the company would have been $1.93

\begin{tabular}{|l|c|c|c|c|c|} \hline & Earnings per share (EPS) & Dividend per share (DPS) & Stock price per share & Estimat ed growth rate & Required rate of return (R) \\ \hline Blue Ribband Motors Corp. & $1.24 & $0.39 & $20.10 & 7.54% & 15% \\ \hline Bon Voyage Marine, Inc. & $1.55 & $0.47 & $16.85 & 9.75% & 17% \\ \hline Nautilus Marine Engines & $0.25 & $0.67 & $31.60 & 8.06% & 13% \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|c|} \hline & Earnings per share (EPS) & Dividend per share (DPS) & Stock price per share & Estimat ed growth rate & Required rate of return (R) \\ \hline Blue Ribband Motors Corp. & $1.24 & $0.39 & $20.10 & 7.54% & 15% \\ \hline Bon Voyage Marine, Inc. & $1.55 & $0.47 & $16.85 & 9.75% & 17% \\ \hline Nautilus Marine Engines & $0.25 & $0.67 & $31.60 & 8.06% & 13% \\ \hline \end{tabular}