Could I Industries just paid a dividend of $1.97 per share. The dividends are expected to grow at a 18 percent rate for the next 3 years and then level off to a 7 percent growth rate indefinitely. If the required return is 13 percent, what is the value of the stock today? (Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)