Metallica Bearings, Incorporated, 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 dividend of $$11$ per share $13$ years from today and will increase the dividend by $3$ percent per year thereafter.

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

Multiple Choice

$$52\mathrm{.}57$

$$51\mathrm{.}57$

$$50\mathrm{.}07$

$$47\mathrm{.}57$

$$45\mathrm{.}52$