Problem $8-15$ Nonconstant Growth $[$LO$1]$

Metallica Bearings, Incorporated, is a young start$-$up company. No dividends will be paid

on the stock over the next nine years because the firm needs to plow back its earnings

to fuel growth. The company will pay a dividend of $$16$ per share $10$ years from today

and will increase the dividend by $5$ percent per year thereafter. If the required return on

this stock is $10$ percent, what is the current share price? $($Do not round intermediate

calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

Current share price