Problem $7-15$ Nonconstant Growth $[$LO $1]$

Metallica Bearings, Incorporated, is a young startup company. No dividends will be paid on the stock over the next $11$ years because the firm needs to plow back its earnings to fuel growth. The company will then pay a dividend of $$12\mathrm{.}50$ per share $12$ years from today and will increase the dividend by $5\mathrm{.}5$ percent per year, thereafter. If the required return on this stock is $13\mathrm{.}5$ percent, what is the current share price?

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$