Mack Industries just paid a dividend of $5 per share (D0 = $5). Analysts expect the

companys dividend to grow 5 percent this year (D1 = $5.25) and 8 percent next year.

After two years the dividend is expected to grow at a constant rate of 4 percent. The

required rate of return on the companys stock is 13 percent. What should be the

companys current stock price?