A Canadian wireless communications company earned $3.39 per share in 2018 and paid dividends of $1.69 per share. Analysts forecast an annual earnings growth rate of 6.9% for the next 5 years. Based on similar-risk companies, the estimated required rate of return on the stock is 9%. 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.)

Stock price $