Marcel Co. is growing quickly. Dividends are expected to grow at a 19 percent rate for the next 3 years, with the growth rate falling off to a constant 3 percent thereafter. Required: If the required return is 11 percent and the company just paid a $1.60 dividend. what is the current share price? (Do not round your intermediate calculations.)

$28.94

$31.53

$30.91

$30.29

$28.39