James console company currently pays a dividend of $ $5$ per

share on its common stock. The company expects to increase the

dividend at a $25$ percent annual rate for the first two years and

at a $18$ percent rate for the next $6$ years, and then grow the

dividend at a $5$ percent rate thereafter. This phased$-$growth

pattern is in keeping with the expected life cycle of earnings. You

require a $16$ percent return to invest in this stock. What value

should you place on a share of this stock?