Kramerica Industries paid $ 2.16 per share in dividends yesterday. Its dividends are expected to grow steadily at 7 % per year. If the required return is 8.2 %, what is the estimate of the stock's price 1 year from now (P1)?

If the required return is 8.2 %, the estimate of the stock's price 1 year from now (P1) should be $___ (Round to the nearest cent.)