Metallica Bearings, Inc., is a young start-up company. No dividends will be paid on the stock over the next 12 years because the firm needs to plow back its earnings to fuel growth. The company will pay a $12 per share dividend in 13 years and will increase the dividend by 5 percent per year thereafter.

Required:

If the required return on this stock is 9 percent, what is the current share price? (Do not round your intermediate calculations.)

$111.99

$101.33

$109.86

$97.85

$106.66