A company is expected to pay no dividend in the first two years and starts to pay a dividend of $0.36 at the end of the year 3, and $0.15 dividend at the end of the year 4. Thereafter, it is estimated that dividends will grow at a constant rate of 3% per year forever. Investors require a return of 10.46%. Given the above information, the current . market value of this company's common stock = $ (Note: retain at least 4 decimals in your calculation.)