A stock will pay dividends of $1.20 starting in YR4. The dividends for YR5, YR6, and YR7 will grow by 25%, 20%, and 12%. Finally the dividends will grow at a constant rate of 6% forever. The required return on the stock is 11%. The price of the stock today should be $___.

*when solving, do not round intermediate values

*answer in dollars, rounded to two decimal places.