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Assume today is December 3 1 , 2 0 1 3 . Imagine Works Inc. just paid a dividend of $ 1 . 3 0

Assume today is December 31,2013. Imagine Works Inc. just paid a dividend of $1.30 per share at the end of 2013. The dividend is expected to grow at 18% per year for 3 years, after which time it is expected to grow at a constant rate of 5% annually. The company's cost of equity (rs) is 10%. Using the dividend growth model (allowing for nonconstant growth), what should be the price of the company's stock today (December 31,2013)?
The stock price is today equal to $Blank 1.
Round your answer to the nearest cent. Do not round intermediate calculations.
Blank 1

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