The ADJO Prison Corporation, a for-profit entity, has paid a divi- dend of $17.78 annually for each year of the preceding decade. The corporation is solvent, and investors have a favorable perception of the firm within its market. Because of its consistency of unchanging dividend payments, investors believe that ADJO's payment attributes will continue without impediment during the foreseeable future. Those who invest in ADJO's stock anticipate a required return rate of at least 11.00%. Given these observations, determine the valuation of ADJO's stock.