13.

Canadian-based mining company El Dorado Gold (EGO) suspended its dividend in March 2016 as a result of declining gold prices and delays in obtaining permits for its mines in Greece. Suppose you expect EGO to resume paying annual dividends in two years time, with a dividend of

$0.450.45

per share, growing by

2.2 %2.2%

per year. IfEGO's equity cost of capital is

9.5 %9.5%,

what is the value of a share of EGO today?

The value of a share of EGO today is

$nothing.

(Round to the nearest cent.)