A stock will pay no dividends for the next 3 years. Four years from now, the stock is expected to pay its first dividend in the amount of $2.0. It is expected to pay a dividend of $3.0 exactly five years from now. The dividend is expected to grow at a rate of 5% per year forever after that point. The required return on the stock is 15%. The stock's estimated price per share exactly TWO years from now, P₂ , should be $______.

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

Rounding and Formatting instructions: Do not enter dollar signs, percent signs, commas, X, or any words in your response. Do not round any intermediate work, but round your *final* response to 2 decimal places (example: if your answer is 12.3456, 12.3456%, or $12.3456, you should enter 12.35).