Management of Pharoah, a biotech firm, forecasted the following growth rates for the next three years: 35 percent, 28 percent, and 22 percent. Management then expects the company to grow at a constant rate of 9 percent forever. The company paid a dividend of $1.80 last week. If the required rate of return is 18 percent, what is the value of this stock? (Round intermediate calculations and final answer to 2 decimal places, e.g. 15.20.)

Value of stock: $