Problem 8-28 Value of Future Cash Flows (LG8-5) A firm recently paid an annual dividend of $0.65. The dividend is expected to increase by 14 percent in each of the next four years. In the fourth year, the stock price is expected to be $50. If the required return for this stock is 16.50 percent, what is its current value? (Do not round intermediate calculations. Round your answer to 2 decimal places.)