A company expects to pay a $4.00 dividend per share on its common stock one year from now. At the end of each of the three years following this dividend it expects that it will pay a dividend that is 6.00% larger than the prior dividend. At the end of each year thereafter it expects that each dividend will be 4.00% larger than the prior dividend. If the company's annual cost of equity capital is 12.00%, what will be the current price of a share of the company's common stock according to the dividend discount model? Round your final answer to two decimal places.