Question $5(8$ points$)$

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$($Estimated time allowance: $17$ minutes$)$ Pera Inc. does not currently pay dividends. The company will start with an annual dividend of $$11$ at the end of year $4$ and will pay the same amount each year until year $8.$ Thereafter, it will increase the dividends by $3\%$ per year forever. If the required rate of return on this stock is $9\%,$ what is the price of this stock today?