A company currently pays a dividend of $1.6 per share (D₀ = $1.6). 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 5% thereafter. The company's stock has a beta of 1.4, the risk-free rate is 7%, and the market risk premium is 3%. What is your estimate of the stock's current price? Do not round intermediate calculations. Round your answer to the nearest cent.