A company is expected to pay an annual dividend of $1.39 one year from today. You estimate that the dividend will grow by 5% per year for the two years after that and then grow at an annual rate of 1% indefinitely. The company has a weighted average cost of capital of 5%, an after-tax cost of debt of 2% and a cost of equity of 6%. What are their shares worth today according to the dividend discount model (DDM)?