A company currently pays a dividend of $2.4 per share (D₀ = $2.4). It is estimated that the company's dividend will grow at a rate of 18% per year for the next 2 years, and then at a constant rate of 6% thereafter. The company's stock has a beta of 1.7, the risk-free rate is 8%, 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.