A stock is expected to pay a dividend of $2.4 per share next year. The dividend is expected to decline at a constant rate of 6% per year indefinitely. The required return on the stock is 11%. The estimated price per share is $___________.

Rounding and Formatting: Do not enter a dollar sign in your response. Round your answer to 2 decimal places. Example: If your answer is $12.34567, you should enter 12.35 as your response.