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A company currently pays a dividend of $ 4 per share ( D 0 = $ 4 ) . It is estimated that the company's

A company currently pays a dividend of $4 per share (D0= $4). It is estimated that the company's dividend will grow at a rate of 19% per year for the next 2 years and then at a constant rate of 7% thereafter. The company's stock has a beta of 1.3, the risk-free rate is 9.5%, and the market risk premium is 5.5%. What is your estimate of the stock's current price? Do not round intermediate calculations. Round your answer to the nearest cent.

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