A stock that pays annual dividends has just made a dividend payment of $2.50. The next annual dividend will be paid exactly one year from now and each subsequent dividend will be paid one year after the previous dividend. The annual dividends will be paid each year forever. The amount of the dividend is expected to grow at a rate of 5% per year for each of the next five years. Thus, each of the next 5 dividends paid by the stock is expected to be 5% greater than the previous dividend. Starting with the dividend that will be paid 6 years from now, the dividends are expected to increase at a rate of 2% per year. The discount rate applicable to this stock is 11% per year compounded annually. What is the value of this stock? Round all intermediate calculations to 6 decimal points. Your final answer should be within $0.05 of the correct answer choice. $31.57 $33.15 $32.07 $29.95