Telus, a Canadian wireless communications company, earned $2.38 per share in 2015 and paid dividends of $156 per share. Analysts fore cast an annual earnings growth rate of 7.63% for the next 5 years. Based on similar-risk companies, the estimated required rate of return on Telus stock is 8.9%. It is assumed that after 2020 onward, Telus will maintain its current reinvestment rate but earn only its cost of capital on new investments. Estimate Telus’ current stock price at the beginning of 2016.