Church Inc. is currently enjoying relatively high growth because of a surge in the demand for its latest product.  Management expects earnings and dividends to grow at a rate of 25% for the next 4 years, after which competition will probably decrease the growth rate in earnings and dividends to zero, i.e., g = 0.  The company's last dividend, D0, was $1.25, its beta is 1.20, the market risk premium is 5.50%, and the risk-free rate is 3.00%.  What is the present price of the common stock.

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