Problem 9-21 Nonconstant Growth and Quarterly Dividends

Pasqually Mineral Water, Inc., will pay a quarterly dividend per share of $1.70 at the end of each of the next 12 quarters. Thereafter, the dividend will grow at a quarterly rate of 1.8 percent, forever. The appropriate rate of return on the stock is 14 percent, compounded quarterly.

What is the current stock price?