On December 31, 2017, GE paid an annual dividend per share of $0.96. They also announced on the same day that they will reduce their dividend to $.48 per share next year. Today is January 1st, 2018. You expect this future dividend payment to remain stable for the next five years and to increase by 2% afterwards in perpetuity. The cost of equity capital (discount rate) for GE is 9%. What should be the stock price of GE based on these dividend forecasts?

Round your final answers to the nearest cent.