1) Pretty Smart Company plans to pay its first dividend of $0.75 1 year from today (=Year 1), then to increase it at a relatively rapid rate in Year 2, and then to increase it at a constant rate of 6% thereafter. The company requires 12% for stockholders' annual returns.

Year 0 1 2 3

Growth rate N/A N/A 50% 6%

Dividends $0.00 $0.75 ? ?

What is your estimate of the stock's current value? Round your answer to two decimal places of dollar.

=______________?