Metallica Bearings, Inc., is a young start-up company. No dividends will be paid on the stock over the next 9 years because the firm needs to plow back its earnings to fuel growth. The company will pay a $8 per share dividend in 10 years and will increase the dividend by 7 percent per year thereafter. Required: If the required return on this stock is 11 percent, what is the current share price? (Do not round your intermediate calculations.)

$80.53

$74.28

$78.18

$82.09

$70.44