Declining Products Corporation produces goods that are very mature in their product life cycles. Declining Products is expected to pay a dividend in year 1 of $1.12, a dividend of $1.02 in year 2, and a dividend of $0.97 in year 3. After year 3, dividends are expected to decline at a rate of 2% per year. An appropriate required rate of return for the stock is 8%.

What should the stock be worth? (Round your answer to 4 decimal places.)