Kramerica Industries paid $3.00 per share in dividends yesterday. Its dividends are expected to grow steadily at 4% per year. If the required return is 8.4%, what is the estimate of the stock's price 1 year from now (P_1)? If the required return is 8.4%, the estimate of the stock's price 1 year from now (P_1) should be $. (Round to the nearest cent.)