Holt Enterprises recently paid a dividend, D₀, of $2.50. It expects to have nonconstant growth of 12% for 2 years followed by a constant rate of 3% thereafter. The firm's required return is 11%.

What is the firm's intrinsic value today, ? Do not round intermediate calculations. Round your answer to the nearest cent.

The firm's horizon, or continuing, value is $40.38