Excel (with formulas): SpellingBee Inc. just paid a dividend of $4.50 per share. The company will increase its dividend by 25% next year and will then reduce its dividend growth rate by 5 percentage points per year until it reaches the industry average dividend growth rate of 5%, after which the company will keep a constant growth rate forever. If the required return on stocks with this level of risk is 18%, what price will the stock sell for today?