Microsoft's (MSFT) most recent yearly dividend was $2.04. Over the past 10 years, MSFT's dividends have experienced an average annual rate of growth of 15%. Use the following information to value MSFT's stock using the dividend growth model. Dividends are expected to grow at a rate of 15% per year for the next 5 years. For the following two years (i.e., years 6 - 7), dividends are expected to grow at 10% per year. After that, dividends are expected to grow at a constant rate of 6%, forever. MSFT has a debt-to-equity ratio (in market value terms) of 0.10. MSFT's cost of debt (pre-tax) is 5% and the company's tax rate is 25%. If the risk-free rate is 2.21%, the market risk premium is 6.5%, and MSFT's beta is 0.96, what should a share of Microsoft's stock sell for based on a discounted valuation of its projected dividends?