PLEASE WRITE OUT. DONT USE EXCEL

Quantitative Problem 3: Assume today is December 31,2019 . Imagine Works Inc. just paid a dividend of $1.10 per share at the end of 2019 . The dividend is expected to grow at 18% per year for 3 years, after which time it is expected to grow at a constant rate of 6% annually. The company's cost of equity ( rs ) is 9.5\%. Using the dividend growth model (allowing for nonconstant growth), what should be the price of the company's stock today (December 31 , 2019)? Do not round intermediate calculations. Round your answer to the nearest cent. \$ per share