CX Enterprises has the following expected dividends: $ 1.11

$1.11 in one year, $ 1.23

$1.23 in two years, and $ 1.34

$1.34 in three years. After that, its dividends are expected to grow at 4.5 %

4.5% per year forever (so that year 4's dividend will be 4.5 %

4.5% more than $ 1.34

$1.34 and so on). If CX's equity cost of capital is 11.6 %

11.6%, what is the current price of its stock?

The price of the stock will be $

. (Round to the nearest cent.)