Metallica Bearings, Incorporated, is a young start$-$up company. No dividends will be paid on the stock over the next $7$ years because the firm needs to plow back its earnings to fuel growth. The company will pay a dividend of $$12$ per share $8$ years from today and will increase the dividend by $8$ percent per year thereafter.

If the required return on this stock is $11$ percent, what is the current share price?