Red Burns Brighter Inc., the worlds largest producer of red light bulbs, reported earnings per share of $1.80 in 2017, and paid dividends of $0.60 that year. The firm was expected to report earnings growth of 15% next year, after which the growth rate was expected to decline linearly over the next eight years to an eventual stable growth rate of 3%. Assume a beta of 1, a risk-free rate of 3%, and an equity risk premium of 5%. Estimate the stock price using the H-model.