Constant Dividend Growth Valuation

Boehm Incorporated is expected to pay a $1.50 per share dividend at the end of this year (i.e., D1= $1.50). The dividend is expected to grow at a constant rate of 8% a year. The required rate of return on the stock, rs, is 16%. What is the estimated value per share of Boehm's stock? Do not round intermediate calculations. Round your answer to the nearest cent.