The dividend of Company A has been increasing at 2% a year for many years, and it is expected to continue to increase at this rate in the future. This year's dividend is $1/share, and was distributed yesterday. The company has one million shares outstanding. Suppose the manager of the company just identifies a promising project. To invest in the project, the company will reduce next year's dividend by $0.20 a share. In return, annual dividend will increase by $0.05 a share starting the year after. The required rate of return of the company's stock is 8% per year. What is the stock price today if the company decided NOT to take the project