A company currently pays a dividend of $2.8 per share (D₀ = $2.8). It is estimated that the company's dividend will grow at a rate of 22% per year for the next 2 years, and then at a constant rate of 5% thereafter. The company's stock has a beta of 1.6, the risk-free rate is 6.5%, and the market risk premium is 2%. What is your estimate of the stock's current price? Do not round intermediate calculations. Round your answer to the nearest cent.