AVZ is a start-up company who is using all its cash to growth so it does not plan to pay dividends for the next 66 years.

The company then plans to start paying annual cash dividends starting in year 7 of $4.00 for 12 years. Thereafter, the company will assume a constant growth dividend policy and the estimated growth rate in dividends forever after that point is 4%. The price of the stock is set to yield a return of 12%. What is the price of this stock today?

(Do not use $ sign. Use commas to separate thousands. In this answer, please use TWO decimals in your response and round to the nearest cents. For example if your answer is $1,110.283 then enter 1,110.28)