The Erie Heating Company has been very successful in the past four years.
Over these years, it paid common stock dividend of $4 in the first year,
$4.20 in the second year,
$4.41 in the third year,
and its most recent dividend was $4.63.
The company wishes to continue this dividend growth indefinitely.
What is the value of the company's stock if the required rate of return is 12 percent.