8. Problem 7-09 (Nonconstant Dividend Growth Valuation) eBook Nonconstant Dividend Growth Valuation A company currently pays a dividend of $3 per share (Do = $3). It is estimated that the company's dividend will grow at a rate of 20% per year for the next 2 years, and then at a constant rate of 6% thereafter. The company's stock has a beta of 1.7, the risk-free rate is 10%, and the market risk premium is 6.5%. What is your estimate of the stock's current price? Do not round intermediate calculations. Round your answer to the nearest cent. $