Piedmont Enterprises currently pays a dividend (D₀) of $1.4 per share. This dividend is expected to grow at a 20 percent per year rate for the next 2 years, after which it is expected to grow at 7 percent per year for the foreseeable future. If you require a 17 percent rate of return on an investment of this type, what price do you expect the stock to sell for at the beginning of year 5? Use Table I to answer the question. Round your answer to the nearest cent.