A stock is expected to pay the following dividends: $1.2 in 1 year, $1.5 in 2 years, and $2.0 in 3 years, followed by growth in the dividend of 7% per year forever after that point. The stock's required return is 12%. The stock's current price (Price at year 0) should be $____________.

Margin of error for correct responses: +/- .10