Stewart Industries expects to pay a $3.00 per share dividend on its common stock at the end of the year (i.e. D₁ = $3.00). The dividend is expected to grow 25 percent a year until t = 3,

after which time the dividend is expected to grow at a constant rate of 5 percent a year (i.e. D₃ = $4.6875 and D₄ = $4.9219). The stocks beta is 1.2, the risk-free rate of interest is 6 percent, and the market risk premium (i.e., r_m r_rf) is 5 percent. What is the companys current stock price?