the current date is january $1,20$x$3.$

$*$At the end of $20$x$3,$ bio$-$fuel generation inc. $($BFG$)$ will pay a dividen of $$0\mathrm{.}75,$ which increasese by $8\%$ in $20$x$4$ and $6\%$ in $20$x$5.$

$*$Thereafter$,$ the constant growth rate will be $3\%.$

$*$Based on market data, you have determined that the current risk$-$free rate is $3\%$ and the expencted market price of risk is $5\%.$ You have estimated tha tthe industry beta is $1\mathrm{.}9$

Required:

Calculate the current market price per share of BFG$\text{'}$s common shares.