Pro Build Inc. has had a net income of $$16$ million in its most recent year. Net income is expected to grow by $3\%$ per year.

The firm always pays out $80\%$ of net income as dividends and has $7$ million shares of common stock outstanding. The required return is $14\%.$

Attempt $10/99$ for $10$ pts$.$

Part $1$

What is the value of the stock?

$1+$ decimals