A stock is expected to pay a dividend of $1.25 at the end of the year (i.e., D₁ = $1.25), and it should continue to grow at a constant rate of 7% a year. If its required return is 15%, what is the stock's expected price 5 years from today? Do not round intermediate calculations. Round your answer to the nearest cent.

dividend of $1.25 at the end of the year (i.e., D1 $1.25), and it should continue to grow at a constant rate of 7% a year. If A stock expected to pay its required return is 15%, what is the stock's expected price 5 years from today? Do not round intermediate calculations. Round your answer to the nearest cent