Nonconstant Dividend Growth Valuation

A company currently pays a dividend of $$1$ per share $(D_0=$$$1).$ It is estimated that the company's dividend will grow at a rate of $25\%$ per year for the next $2$ years and then

at a constant rate of $6\%$ thereafter. The company's stock has a beta of $1\mathrm{.}5,$ the risk$-$free rate is $9\mathrm{.}5\%,$ and the market risk premium is $6\mathrm{.}5\%.$ What is your estimate of the

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