Kruger Associates is considering a substantial investment in the stock of McIntyre Enterprises. McIntyre currently (time 0) pays a dividend of $1.7 per share. This dividend is expected to grow at 17 percent per year for the next 3 years and 12 percent per year for the following 3 years. McIntyres marginal tax rate is 40 percent. Kruger expects the value of the McIntyre stock to increase by 45 percent between now and the beginning of year 5. If Kruger requires a 14 percent rate of return on investments of this type, what value would Kruger place on the McIntyre stock? Use Table II to answer the question. Do not round intermediate calculations. Round your answer to the nearest cent.