Punost: 078 14. Problem 8-05 (Nonconstant Growth Valuation) eBook Nonconstant Growth Valuation A company currently pays a dividend of $i per share (D - $1). It is estimated that the company's dividend will grow at a rate of 15% per year for the next years, and then at a constant rate of 8% thereafter. The company's stock has a beta of 1.3, the risk-free rate is 10%, and the market is premium is 7. What is your estimate of the stock's current price? Do not round Intermediate calculations. Round your answer to the nearest cent