Bruce Jenner is the portfolio manager of a Los Angeles-based equity fund. He is analyzing the value of TJX, Inc. (NASDAQ Stock Exchange: TJX). TJX is a leading retailer of women’s clothing in the US. Jenner has concluded that the DDM is appropriate to value TJX. During the past five years (fiscal year ending 31 March 2004 to fiscal year ending 31March 2008), the company has paid dividends per share of $0.24, $0.30, $0.332, $0.46 and $0.58, respectively. These dividends suggest an average annual growth rate in DPS of just above 25 percent. Jenner has decided to use a three - stage DDM with a linearly declining growth rate in stage 2. He considers TJX to be an average growth company, and estimates stage 1 (the growth stage) to be 6 years and stage 2 (the transition stage) to be 10 years. He estimates the growth rate to be 20 percent in stage 1 and 10 percent in stage 3. Jenner has estimated the required return on equity for TJX to be 12 percent. Estimate the current value of the stock