Dooley Wilson Company presently pays a dividend of $3.00 per share on its common stock. The company expects to increase the dividend at a 20% annual rate the next two years and at a 15% annual rate the following two years and at a 10% rate thereafter. This phased-growth pattern is in keeping with the expected life cycle of earnings. You require a 17% return to invest in Dooley Wilson Company. What value should you place on a share of this stock?