The Howe Company is expected to grow at 12% for the next year, then at 10% for another year, and thereafter, to settle down to a growth rate of 6% for the indefinite future. The last dividend payment was $4.00 and dividends are expected to increase in proportion to the growth of the firm. You require a 10% return on your investment.

Calculate the fair price for Howe common stock today.

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