1. Falcon Perch is a relatively new company. Currently, it pays no cash dividends. However, analysts project that, 6 years from today, Falcon Perch will begin paying an annual dividend of $1.06 per share that is projected to grow at a rate of 10.61% per year. Suppose that analysts estimate that the discount rate for Falcon Perch should be 15.84% per year. Based on this data and applying the appropriate models from Lecture 3, what is the intrinsic value of a share of Falcon Perch common stock?

Express your answer in dollars and cents. Round to two decimal places. Do not type the $ symbol.