Stock A will pay a dividend of $4.00 one year from now. Subsequent annual dividends are expected to remain constant each year. Stock B will pay a dividend of $2.00 one year from now. Subsequent annual dividends are expected to increase by 3% each year. Assume that dividends on both stocks are paid in perpetuity. X is the combined price of Stock A and Stock B, based on the div idend discount model using an e ective annual interest rate of 5%. Determine X.