Management of Sandhill, 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

$$2\mathrm{.}12$ last week. If the required rate of return is $16$

percent, what is the value of this stock?$($Round

intermediate calculations and final answer to $2$ decimal

places, e$.$g$.15\mathrm{.}20.)$