Problem:
A company is expected to pay a dividend of $0.75 per share next year, and that dividend is expected to grow at a constant rate of 6.50% per year in the future. The company's beta is 1.25, the market risk premium is 8.50%, and the risk-free rate is 4.50%.
Required:
Question: What is the company's current stock price?
Note: Explain all steps comprehensively.