A corporation has not paid dividend in the past and does not plan to do so for the next year, i$.$e$.,D_1=0.$ Due to its growth potential, investors expect the company to start paying dividends in year $2.$ They expect the dividends for year $1$ to year $3$ to be $$0,$$$2\mathrm{.}9$ and $$9\mathrm{.}4$ and all the subsequent dividends to growth at $3\%$ annual rate indefinitely. Investors require $6\%$ of return on their investments as risky as this stock. What is the fair value of the stock today?

Round your calculations to the nearest $$0\mathrm{.}01,$ i$.$e$.,$ two decimal places.