James Consol Company presently pays a dividend of $1.60 per share on its common stock. The company expects to increase the dividend at a 20 percent annual rate the first four years and at a 13 percent rate the next four years and then grow the dividend at a 7 percent rate thereafter. This phased-growth pattern is in keeping with the expected life cycle of earnings. You require a 16 percent return to invest in this stock.What value should you place on a share of this stock?