Edutech Inc. is expecting a period of intense growth and has decided to retain more of their earnings to help finance that growth. As a result, they are going to reduce the annual dividend by 19% a year for the next three years. After that they will maintain a constant dividend of $1.6 a share. Last year, the company paid $3.75 as the annual dividend per share. What is the market value of this stock if the required rate of return is 14%? (ROUND INTERMEDIATE CALCULATIONS TO 4 DECIMAL PLACES. ENTER YOUR RESPONSE ROUNDED TO TWO DECIMAL PLACES.) (ONLY ENTER NUMBER AS YOUR ANSWER, DO NOT ENTER DOLLAR SIGN "$" IN THE BLANK) Answer: 13.62