Metallica Bearings, Inc., is a young start-up company. No dividends will be paid on the stock over the next ten years, because the firm needs to plow back its earnings to fuel growth. The company will then pay a $12.30 per share dividend in year 11 and will increase the dividend by 5.25 percent per year thereafter.

Required:

If the required return on this stock is 12.75 percent, what is the current share price?