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Lowell Industries expects to pay a $5.00 per share dividend on its common stock at the end of the year (D1 = $5.00). The dividend

Lowell Industries expects to pay a $5.00 per share dividend on its common stock at the end of the year (D1 = $5.00). The dividend is expected to grow 20 percent a year until t = 4, after which time the dividend is expected to grow at a constant rate of 6 percent a year. The stock's beta is 1, the risk-free rate of interest is 6 percent, and the rate of return on the market is 17 percent. What is the company's current stock price?

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