Delta Cosmetics Inc. $($DCI$)$ had earnings per share of $$20$ last year and paid out $$5$ to

shareholders in the form of a dividend. The firm$$s net income and its dividends are expected

to grow at $15\%$ for the next $3$ years. Beyond this high growth phase, DCI$$s growth rate will

stabilize. In the long term, DCI's return on new investments is $10\%$ and payout ratio is $80\%.$

DCI$$s equity cost of capital is $8\%.$ The value of a share of DCI's stock today is closest to

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