FDP Oil, an all$$equity financed firm, has just reported EPS of $$3\mathrm{.}00$ per share. Despite an economic downturn, FDP is confident regarding its current investment opportunities, but due to the current financial crisis, FDP does not wish to fund these investments externally. FDP $$s board has therefore decided to suspend its stock repurchase plan and cut its dividend to $$1$ per share $($from its current level of $$2$ per share$)$ and retain these funds instead. The firm just paid its current dividend of $$1\mathrm{.}00$ per share and expects to keep its dividend at $$1$ per share next year as well. In subsequent years, it expects its growth opportunities to slow, and it will still be able to fund its growth internally with a target $50\%$ dividend payout ratio, and reinitiating its stock repurchase plan for a total payout rate of $50\%.$ All dividends and repurchases occur at the end of each year.

FDP $$s existing operations are expected to generate the current level of earnings per share in the future.

Assume that the return on new investments is $15\%$ and that reinvestments will account for all future earnings growth. FDP $$s current equity cost of capital is $12\%.$ What is FDP$$s current stock price?