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 $1.09, a dividend of $0.99 in year 2 , and a dividend of $0.94 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.)