Dr. Phelps owns and operates the Carolina Pines Kennel, and she has decided to incorporate and go public. As her trusted investment banker, you are to determine the selling price for Carolina's common stock. Carolina expects the first dividend (Dividendyear0) to be $5.00 and grow at a constant rate of six percent for the foreseeable future. Given Carolinas' financial structure and asset investment, investors require a five percent rate of return on their investment. Given this information, what is the value or price for Carolinas' common stock?