CX Enterprises has the following expected dividends:

$1.15

in one year,

$1.24

in two years, and

$1.34

in three years. After that, its dividends are expected to grow at

4.1%

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

4.1%

more than

$1.34

and so on). If CX's equity cost of capital is

11.8%,

what is the current price of its stock?

Question content area bottom

Part 1

The price of the stock will be

$enter your response here.

(Round to the nearest cent.)