Cascade Mining Company expects its earnings and dividends to increase by 6 percent per year over the next 6 years and then to remain relatively constant thereafter. The firm currently (that is, as of year 0) pays a dividend of $5.25 per share. Determine the value of a share of Cascade stock to an investor with a 13 percent required rate of return. Use Table II to answer the question. Round your answer to the nearest cent.

$