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 dividend of $12.25 per share 11 years from todayand will increase the dividend by 5.25 percent per year thereafter.

Required:

If the required return on this stock is 13.25 percent, what is the current share price?