Precious Stones International (PSI) has a beta of 1.49, the riskfree rate of interest is currently 9%, and the required return on the market portfolio is 15%. The company plans to pay a dividend of P2.45 per share in the coming year and anticipates that its future dividends will increase at an annual rate consistent with that experienced over the 20192021 period:

Year	Dividend
2021	23.9
2020	22.5
2019	21.3

Estimate the value of PSI stock at the beginning of 2022.