Phoenix Industries has pulled off a miraculous recovery. Four years ago it was near bankruptcy. Today, it announced a $1 per share dividend to be paid a year from now, the first dividend since the crisis. Analysts expect dividends to increase by $1 a year for another 2 years. After the third year (in which dividends are $3 per share) dividend growth is expected to settle down to a more moderate long- term growth rate of 10%. If the firm's Investors expect to earn a return of 15% on this stock, what must be its price? (Do not round Intermediate calculations. Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Current price $ 31.27