Use the following information to value Microsoft's stock. Microsoft just yesterday paid out an annual dividend of $1.60. Over the past five years, Microsoft's dividends have experienced an average rate of growth of 20%. Dividends are expected to grow at a rate of 10% per year for the next 5 years. After that, the dividends are projected to grow at a constant rate of 3%, forever. The firm has a debt-to-equity ratio (in market value terms) of 0.25 (D/E = 0.25). The annual YTM on the company's bonds averages 4% and the company's tax rate is projected to be 28% in the future. If the risk-free rate is 3.4%, the market risk premium is 6%, and the company's beta is 1.1, what should the stock sell for today based on a discounted valuation of its projected dividends?