Davis Corporation is a startup company which must reinvest in itself heavily in the near future. Specifically, Davis can only afford to pay a dividend every other year for the next six years. The company plans to pay a dividend of $2 two years from today. The dividend in year four is expected to be 120% of the dividend paid in year two. Dividends in year 6 are projected to be 150% of the dividends paid in year four. Dividends are expected to grow at a constant rate 5% thereafter. Find the value of the stock today if you require a 25% rate of return. Round intermediate steps to four decimals. Do not use the dollar sign when entering your answer.

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