The Beta Company has 1,000,000 common share outstanding. The company paid dividends of $2,000,000 on common stock this year. Dividends are expected to grow at a rate of 5% per year and the required...

The Beta Company has 1,000,000 common share outstanding. The company paid dividends of $2,000,000 on common stock this year. Dividends are expected to grow at a rate of 5% per year and the required rate of return on common stock is 6%. What is the value of a share of Beta Company's common stock?