Nonconstant Dividend Growth Valuation

A company currently pays a dividend of $1.8 per share (D₀ = $1.8). It is estimated that the company's dividend will grow at a rate of 24% per year for the next 2 years, and then at a constant rate of 7% thereafter. The company's stock has a beta of 1.1, the risk-free rate is 8.5%, and the market risk premium is 3.5%. What is your estimate of the stock's current price? Do not round intermediate calculations. Round your answer to the nearest cent.

$ _________