1. The Club Auto parts company has just recently been organized. It is expected to experience no growth for the next 2 years as it identifies its market and acquires its inventory. However, Club will grow at an annual rate of 5 percent in the third year and, beginning with the fourth year, should attain a 10 percent growth rate that it will sustain thereafter. The first dividend (D1)to be paied at the end of the first year is expected to be $0.50 per share. Investors require a 15 percent rate of return on the Clubs stock . what is the current equilibrium stock price ?