Nonconstant Dividend Growth Valuation

A company currently pays a dividend of $$4$ per share $(D_0=$$$4).$ It is estimated that the company's dividend will grow at a rate of $16\%$ per year for the next $2$

years and then at a constant rate of $5\%$ thereafter. The company's stock has a beta of $1\mathrm{.}7,$ the risk$-$free rate is $10\%,$ and the market risk premium is $7\%.$ What

is your estimate of the stock's current price? Do not round intermediate calculations. Round your answer to the nearest cent.

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