Problem $8-15$ Value of Future Cash Flows $($LG$8-5)$

A firm recently paid a $$0\mathrm{.}40$ annual dividend. The dividend is expected to increase by $10$ percent in each of the next four years. In the fourth year, the stock price is expected to be $$18.$

If the required return for this stock is $13\mathrm{.}5$ percent, what is its current value?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

Current value