A Canadian wireless communications company earned $$3\mathrm{.}45$ per share in $2018$ and paid dividends of $$1\mathrm{.}67$ per share. Analysts forecast an annual earnings growth rate of $8\mathrm{.}4\%$ for the next $5$ years. Based on similar$-$risk companies, the estimated required rate of return on the stock is $9\mathrm{.}4\%.$ It is assumed that after $2023$ onward, the company will maintain its current reinvestment rate but earn only its cost of capital on new investments. Estimate the current stock price at the beginning of $2019.($Do not round intermediate calculations. Round your answer to the nearest cent.$)$

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