Phoenix Industries has pulled off a miraculous recovery. Four years ago, it was near bankruptcy. Today, it announced a $1 per share dividend to be paid a year from now, the first dividend since the crisis. Analysts expect dividends to increase by 40 percent a year for 2 years. Dividends are expected to grow at a rate of 15 percent for another 2 years. After the fifth year, dividend growth is expected to settle down to a more moderate long-term growth rate of 5 percent. If the firms investors expect to earn a return of 20 percent on this stock, what must be its price?