The most recent annual dividend payment of Warren Industries, a rapidly growing boat manufacturer, was $1.50 per share. The firms financial manager expects that these dividends will increase at a 10% over the next three years. At the end of three years, the firms mature product line is expected to result in a slowing of the dividend growth rate to 5% per year for the foreseeable future. The firms required return is 15%. What should be the price of the stock?