Earnings per common share of ABC Industries for the current year are expected to be $2.6 and to grow 11% per year over the next 4 years. At the end of the 5 years, earnings growth rate is expected to fall to 7% and continue at that rate for the foreseeable future.

ABC's dividend payout ratio is 45%. If the expected return on ABC's common shares is 15%, calculate the current share price. (Do not round intermediate calculations. Round your answer to the nearest cent.)