You are analyzing XYZ stock which has been following a dividend payout ratio of 40%. The last earnings per share (EPS) was $2 and you expect that it will increase by 10% each year for the next 3 years. Then the EPS growth rate will slow to 6% each year for 2 years. Starting in the 6th year, the stocks P/E ratio will follow the expect industry average of 20x. What is the fair market price of XYZ if the required rate of return for the stock is 12%?