Bretton, Inc., just paid a dividend of $3.00 on its stock. The growth rate in dividends is expected to be a constant 4 percent per year, indefinitely. Investors require a return of 11 percent on the stock for the first three years, a rate of return of 9 percent for the next three years, and then a return of 7 percent thereafter.

What is the current share price for the stock? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)