A company has just paid its first dividend of $1.98. Next year's dividend is forecast to grow by 9 percent, followed by another 9 per cent growth in year two. From year three onwards dividends are expected to grow by 2.3 percent per annum, indefinitely. Investors require a rate of return of 12 percent p.a. for investments of this type. The current price of the share is (round to nearest cent)