Metallica Bearings, Incorporated, is a young start$-$up company. No dividends will be pald on the stock over the next $11$ years because the firm needs to plow back its earnings to fuel growth. The company will pay a dividend of $$12$ per share $12$ 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

$$54\mathrm{.}62$

$$63\mathrm{.}09$

$$60\mathrm{.}08$

$$61\mathrm{.}89$

$$5708$