Constant Dividend Growth Valuation

Boehm Incorporated is expected to pay a $$1\mathrm{.}70$ per share dividend at the end of this year $($i$.$e$.,$ D$1=$ $$1\mathrm{.}70).$ The dividend is expected to grow at a constant rate of $7\%$ 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.

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