Illustration B: For the year ended December $31,2023,$ Jung & Lee Studios paid a cash dividend of $$0\mathrm{.}8$ per share. The company plans to increase its cash dividend to $$0\mathrm{.}9$ per share at the end of $2024,$ and further increase to $$1\mathrm{.}0$ by $2025.$ The cash dividend will stay at $$1\mathrm{.}0$ per share in the foreseeable future. Assume cost of equity capital is $7\mathrm{.}6\%.$ How should the company be valued at the end of $2023?$ Round to the nearest cent.