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 $1.27, a dividend of $1.17 in year 2, and a dividend of $1.12 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 after three years? (Round your answer to 4 decimal places.)

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