You've collected the following information from your favorite financial website.

According to analysts, the growth rate in dividends for YBM for the next five years is expected to be $8$ percent.

Suppose YBM meets this growth rate in dividends for the next five years and then the dividend growth rate falls to

$3\mathrm{.}5$ percent, indefinitely. Assume investors require a return of $10$ percent on YBM stock.

a$.$ According to the dividend growth model, what should the stock price be today?

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

b$.$ Based on these assumptions, is the stock currently overvalued, undervalued, or correctly valued?

a$.$ Current stock price

b$.$ Valuation