James Consol Company currently pays a dividend of $1.60 per share on itscommon stock. The company expects to increase the dividend at a 20% annualrate for the first four years, 13% rate for the next four years, and then increase thedividend at a 7% rate thereafter. This phased-growth pattern is in keeping with theexpected life cycle of earnings. You require a 16% return to invest in this stock.What value should you place on a share of this stock?