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 dividend of $12 per share 12 years from today and will increase the dividend by 5 percent per year thereafter.

If the required return on this stock is 10 percent, what is the current share price?