Company plans its dividends for the next 4 years as shown in a table (below).

Year 1	Year 2	Year 3	Year 4
5.60	3.00	5.00	4.60

From then on dividend is expected to grow at 5.4 percent per year indefinitely.

Assume dividend discount model (DDM) in valuation.

What is the value of this common stock if the required rate of return, i.e.: cost of equity

is 18 percent?

The value of this common stock is equal: (round 2 digits after decimal point)