Constant Growth Valuation

Boehm Incorporated is expected to pay a $1.00 per share dividend at the end of this year (i.e., D₁ = $1.00). The dividend is expected to grow at a constant rate of 7% a year. The required rate of return on the stock, r_s, is 16%. What is the estimated value per share of Boehm's stock? Round your answer to the nearest cent.

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