John Smith, an analyst covering telecom stocks, is attempting to estimate the intrinsic value of Choice Telecom (CIT) using the dividend discount model. He collects the following relevant data: The most recent annual dividend per share was $1.7. The applicable discount rate is 10%. John Smith values the stock using a three-stage DDM, assuming growth rates of 9% for years 1-3, then 6.4% for years 4 and 5, and then 3.9% starting in year 6 into perpetuity. Based on John Smith's assumptions, what is the per-share value of CIT stock?