Problem $11-18-$ Dividend Discount Model

A company paid a $$1\mathrm{.}55$ per$-$share$-$per$-$year dividend last year. It is expected to increase at an annual $8\%$ growth rate to year five. After year five, the dividend will grow at $7\%$ per year indefinitely. Suppose that the required rate of return is $10\%.$

D$0$ $$1\mathrm{.}55$

$1$st Growth $8\%$

$2$nd Growth $7\%$

Required Rate $10\%$

What is the value of the stock?

The value of the stock is $

$.$ Round your answer to the nearest two decimal places.