Morgan Company's last dividend (Do) was $1.30. Its dividend growth rate is expected to be constant at 24% for 2 years, after which dividends are expected to grow at a rate of 6% forever. If the company's required return is 12%, what is your estimate of its current stock price?

Your answer should be between 18.40 and 78.16, rounded to 2 decimal places, with no special characters.