$.$ The CFO of Paramax Corporation $($PMX$)$ has just informed you that PMX stock will continue to pay a

dividend of $$4\mathrm{.}25$ for the next $6$ years. The current cost of equity $($ re

$)$ for PMX is $8\mathrm{.}75\%.$ After $6$ years, the CFO

expects: $(1)$ re

to drop to $7\mathrm{.}50\%,(2)$ the dividend to be increased to $$4\mathrm{.}50,$ and $(3)$ an internal growth rate going

forward of $2\%$ per year. What is the value of PMX stock?