Ivanhoe, Inc., management expects to pay no dividends for the next six years. It has projected a growth rate of 25 percent for the next seven years. After seven years, the firm will grow at a constant rate of 5 percent. Its first dividend, to be paid in year 7, will be $3.06. If the required rate of return is 18 percent, what is the stock worth today? (Round intermediate calculations and final answer to 2 decimal places, e.g. 15.20.)

Worth of stock: $________.