Metallica Bearings, Inc., is a young start-up company. No dividends will be paid on the stock over the next 7 years because the firm needs to plow back its earnings to fuel growth. The company will pay a $11 per share dividend in 8 years and will increase the dividend by 3 percent per year thereafter.

Required:

If the required return on this stock is 11 percent, what is the current share price?