Staton-Smith Software is a new start-up company and will not pay dividends for the first five years of operation. It will institute an annual cash dividend policy of $4.00 with a constant growth rate of 4%, with the first dividend at the end of year 6. The company will be in business for 25 years total. What is the stock's price if an investor wants

a. a return of 11%?

b. a return of 15%?

c. a return of 23%?

d. a return of 40%?

What is the stock's price if an investor wants a return of 11%?

$ ?