Phoenix Industries has pulled off a miraculous recovery. Four years ago it was near bankruptcy. Today, it announced a $2 per share dividend to be paid a year from now, the first dividend since the crisis. Analysts expect dividends to increase by $1 a year for another 2 years. After the third year (in which dividends are $4 per share) dividend growth is expected to settle down to a more moderate long-term growth rate of 5%. If the firms investors expect to earn a return of 15% on this stock, what must be its price?

Current price?