Blossom Corp. is a fast-growing company whose management expects it to grow at a rate of 20 percent over the next two years and then to slow to a growth rate of 12 percent for the following three years. If the last dividend paid by the company was $2.15.

Compute the present value of these dividends if the required rate of return is 14 percent.(Round intermediate calculations and final answer to 2 decimal places, e.g. 15.25.)

Present value$( )