Metallica Bearings, Incorporated, is a young start$-$up company. No dividends will be paid

on the stock over the next $8$ years because the firm needs to plow back its earnings to

fuel growth. The company will pay a dividend of $$8$ per share $9$ years from today and will

increase the dividend by $6$ percent per year thereafter.

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

Multiple Choice

$$62\mathrm{.}55$

$$65\mathrm{.}96$

$$71\mathrm{.}51$

$$69\mathrm{.}43$

$$72\mathrm{.}90$