Crosby Inc. has an 11% required rate of return. It does not expect to initiate dividends for 20 years, at which time it will pay $4.00 per share in dividends. At that time, Crosby expects its dividends to grow at 6% forever. What is an estimate of Crosby's price in 20 years (P20) if its dividend at the end of year 20 is $4.00?