A company currently pays a dividend of $1 per share (D₀ = $1). It is estimated that the company's dividend will grow at a rate of 25% per year for the next 2 years, then at a constant rate of 6% thereafter. The company's stock has a beta of 1.2, the risk-free rate is 5.5%, and the market risk premium is 4%. What is your estimate of the stock's current price? Round your answer to the nearest cent.