Boehm Incorporated is expected to pay a $3.40 per share dividend at the end of this year (i.e., D1 = $3.40). The dividend is expected to grow at a constant rate of 5% a year. The required rate of return on the stock, rs, is 12%. What is the estimated value per share of Boehm's stock? Do not round intermediate calculations. Round your answer to the nearest cent