High Fashion Co$.$ has the following data. Beta is $1\mathrm{.}2,$ market risk premium is $5\mathrm{.}5\%,$ and government bond rate is $3\%.$ The company's last dividend was $$1\mathrm{.}25.$ Future earnings and dividends are expected to grow at a rate of $20\%$ for the next four years, and then competition is expected to reduced future growth to $5\%$ thereafter.

What is fair market value of the common stock?

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