The most recent (2003) annual dividend payment of Warren Industries, a rapidly growing boat manufacturer, was $1.50 per share. The firm's financial manager expects that these dividends will increase at a 10% annual rate, g1, over the next 3 years (2004, 2005, and 2006) because the introduction of a hot new boat. At the end of the 3 years (the end of 2006), the firm's mature product line is expected to result in a slowing of the dividend growth rate to 5% per year, g2, for the foreseeable future. The firm's required return, ks, is 15%. Estimate the current (end-of-2003) value of Warren's common stock