New Corp. last paid a $1.50 per share annual dividend. The company is planning on paying $1.80, $1.75, $1.68, and $1.90 a share over the next four years, respectively. After that the dividend will be a constant $2.50 per share per year. What is market price of this stock if the market rate of return is 16 percent? Please give full details and formulas used to get the correct answer.