ebook Kruger Associates is considering a substantial investment in the stock of McIntyre Enterprises. Mentyre currently (time ) pays a dividend of $1.6 per share. This dividend is expected to grow at 15 percent per year for the next 3 years and 9 percent per year for the following 3 years. McIntyre's marginal tax rate is 40 percent. Kruger expects the value of the McIntyre stock to increase by 40 percent between now and the beginning of year 5. If Kruger requires a 12 percent rate of return on investments of this type, what value would Kruger place on the McIntyre stock? Use Table It to answer the question. Do not round intermediate calculations. Round your answer to the nearest cent