Picturetonics just reported earnings per share of $3.00 and paid out dividends of $0.60. Assume that PIcturetronics earnings will grow 16% a year for the next 2 years and the dividend payout ratio (dividends as a percent of earnings) will remain at 20%. After 2 years, you expect Picturetronics earnings will grow 6% a year forever and its dividend payout ratio will increase to 60% forever. Assume the change in the growth rate and payout policy has no impact on the firms risk. The risk-rate is 6%, the expected rate of return on the market is 11%, and PIcturetonics beta is .88. Using the dividend discount model, what should Picturetronics current share price be?

When solving the problem, make sure you use 4 decimal places when completing your calculations and round your final answer to 2 decimal places. Input your answer as a dollar value with 2 decimal places, without the $.