1. Due to major renovations of its brick-and-mortar stores, The Warm Weather Retailer anticipates that it will need to decrease its annual dividends by 10% annually over the next two years. After the renovations are completed at the end of the second year, dividends will remain fixed for two years, then they will increase at 3% per year indefinitely. If the companys most recent dividend paid was $1.50 and the required return is 8%, what is the current stock price? (5 points)