A company currently pays a dividend of $3 per share (D0 = $3). It is estimated that the company's dividend will grow at a rate of 25% per year for the next 2 years and then at a constant rate of 8% thereafter. The company's stock has a beta of 1.1, the risk-free rate is 7%, 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.