Problem 7-05 Nonconstant Growth Valuation A company currently pays a dividend of $3.5 per share (Do = $3.5). It is estimated that the company's dividend will grow at a rate of 23% per year for the next 2 years, and then at a constant rate of 5% thereafter. The company's stock has a beta of 1.35, the risk-free rate is 6%, and the market risk premium is 6%. What is your estimate of the stock's current price? Do not round intermediate calculations. Round your answer to the nearest cent