A company currently pays a dividend of $1.25 per share (D₀ = $1.25). It is estimated that the company's dividend will grow at a rate of 19% per year for the next 2 years, then at a constant rate of 7% thereafter. The company's stock has a beta of 1.25, the risk-free rate is 4.5%, and the market risk premium is 3%. What is your estimate of the stock's current price? Round your answer to the nearest cent.