J&J stocks expected dividend for the coming year is $3.00 per share. J&J has a beta of 2. The annual expected return of the market is 9% and treasury bills are yielding 4%. Over the past 10 years J&Js dividends have grown at an annual rate of 12%, but you believe that their future dividend growth rate will be only 6%. Estimate the value of Johnson & Johnsons stock.