Problem $7-15$ Nonconstant Growth $[$LO $1]$

Metallica Bearings, Incorporated, is a young startup company. No dividends will be paid on the stock over the next $7$ years because

the firm needs to plow back its earnings to fuel growth. The company will then pay a dividend of $$15\mathrm{.}50$ per share $8$ years from

today and will increase the dividend by $6$ percent per year, thereafter. If the required return on this stock is $14$ percent, what is the

current share price?

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

Current share price