City Garden Suppliers paid a $2 dividend yesterday. It is expected that the dividend will grow at 9 percent per year for 3 years, 8 percent per year for 10 years, and then at 5 percent per year thereafter. If the investors' expected rate of return is 11 percent, what is the stock worth today? Hint: Use the present value formula for a growing annuity: C1rg[1(1+g1+r)T]1[1(1+1+)] . (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Today stock is worth $