SAGE Ltd$.$ had earnings per share of $$4$ as of December $31,2022,$ but paid no dividends. Earnings were expected to grow at $15\mathrm{.}9$

percent per year for the following five years. SAGE Ltd$.$ will start paying dividends for the first time on December $31,2027,$ distributing

$50$ percent of its earnings to shareholders. Earnings growth will be $5$ percent per year for the next six years $($that is$,$ from January $1,$

$2028,$ through to December $31,2033).$ Starting on December $31,2033,$ SAGE Ltd$.$ will begin to pay out $80$ percent of its earnings in

dividends and earnings growth will stabilize at $2$ percent per year in perpetuity.The required rate of return on SAGE stock is $10$

percent. What should be the current share price of SAGE?