Pharoah Infotech is a fast-growing communications company. The company did not pay a dividend last year and is not expected to do so for the next two years. Last year the companys growth accelerated, and management expects to grow the business at a rate of 40 percent for the next five years before growth slows to a more stable rate of 7 percent. In the third year, management has forecasted a dividend payment of $1.30. Dividends will grow with the company thereafter. What is the current value of this stock? (Round intermediate calculations to 3 decimal places, e.g. 15.257 and final answer to 2 decimal places, e.g. 15.25)