Metallica Bearings Inc. is a young start$-$up company. No dividends will be paid on the stock over the next nine years, because the firm

needs to plow back its earnings to fuel growth. The company will pay a $$11\mathrm{.}70$ per share dividend in $10$ years and will increase the

dividend by $6\mathrm{.}4$ percent per year thereafter.

If the required return on this stock is $13\mathrm{.}9$ percent, what is the current share price? $($Do not round intermediate calculations. Round

the answer to $2$ decimal places. Omit $ sign in your response.$)$

Share price

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