Lifecycle Motorcycle Company has just paid a dividend of $1.50 per share. The firm is expected to pay a dividend of $2.50 one year from today (t=1), and a dividend of $3.50 two years from today (t=2). After year t=2, dividends are expected to grow at a rate of 7% per year forever. You require a return of 12% on this stock. Using the two-stage dividend discount model to calculate the intrinsic value, the stock should be worth __________ today.