Metallica Bearings, Inc., is a young start-up company. No dividends will be paid on the stock over the next 11 years because the firm needs to plow back its earnings to fuel growth. The company will pay a $8 per share dividend in 12 years and will increase the dividend by 5 percent per year thereafter. Required: If the required return on this stock is 8 percent, what is the current share price? Note: find the price of the stock one year before the company starts paying a dividend, using the dividend growth model. Then find the PV of the price, using your TVM keys. (Do not round your intermediate calculations.)