Q$\mathrm{.}15.$ Nonconstant Growth.

Metallica Bearings, Inc., 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 then pay a dividend of $$15$ 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 $14$ percent, what is the current share

price?