In practice, a common way to value a share of stock when a company pays dividends is to value the dividends over the next seven years or so, then find the terminal stock price using a benchmark PE ratio. Suppose a company just paid a dividend of $3.50. The dividends are expected to grow at 8 percent over the next seven years. The company has a payout ratio of 35 percent and a benchmark PE of 45. What is the target stock price in seven years? What is the stock price today assuming a required return of 12 percent on this stock? Please show steps for full credit.