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Nonconstant Dividend Growth Valuation

A company currently pays a dividend of $$3\mathrm{.}6$ per share $)=($$$3\mathrm{.}6.$ It is estimated that the company's dividend will grow at a rate of $19\%$ per year for the next $2$ years, and then at a constant rate of $5\%$ thereafter. The company's stock has a beta of $1\mathrm{.}4,$ the risk$-$free rate is $8\mathrm{.}5\%,$ and the market risk premium is $4\mathrm{.}5\%.$ What is your estimate of the stock's current price? Do not round intermediate calculations. Round your answer to the nearest cent.

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