X has announced that it will pay its first dividend 4 years from now in the amount of $2.00. Over the next 4 years, the company projects that dividends will grow by 6% per year, after which they will grow at a constant rate of 3%, forever. The firm has a debt-to-equity ratio (in market value terms) of 0.2. The YTM on the companys bonds is 8% and the companys tax rate is 31%. If the risk-free rate is 3.5%, the market risk premium is 6.5%, and the companys beta is 1.3, what should the stock sell for based on a discounted valuation of its projected dividends?