Pepper is a mature company approaching relative decline. No dividends will be paid on the stock over the next four years because the firm needs to plowback its earnings to allow for restructuring. The company will pay a $1.25 per share dividend in 5 years and will increase the dividend by 4% per year for 5 years. Starting year 11 investors receive a flat Dividend of $4.5. Investors require a return of 7%. (Please retain at least 4 decimal places in your calculations and at least 2 decimal places in the final answer) The current stock price is $