Rex Corporation earnings are expected to be $5.00 per share in perpetuity. Its current payout ratio (dividends and share repurchases) is 25 percent. Rex expects to keep this payout ratio for the next 5 years. It will then raise its payout ratio to 50 percent in years 6 and 7. After that (starting in year 8), it will raise its payout ratio to 75 percent. If Rexs required return on equity capital is 13 percent, what is its stock worth today?