You own the stock of CATZ and its current price is $46.00/share. It pays no dividend today. Based on your ownresearch, you expect CATZ to pay its first dividend of $3.20/share at the endof Years 1 and 2. Given its performanceoutlook, you further expect the Board of CATZ to increase the Year 3 dividendby 10% to $3.52; and then to increase it by 2.5% annually for the next 5 years(end of years 4 through 8); after which it will grow by 1.5% annually forever.

If you believe similar investments should generate 9% per year, what is your esimated stock price?