Saks is expected to pay a dividend in year 1 of $1.77, a dividend in year 2 of $2.09, and a dividend in year 3 of $2.66. After year 3, dividends are expected to grow at the rate of 8% per year. An appropriate required return for the stock is 11%.

What should the stock price be worth? (Do not round intermediate calculations. Round your answer to 4 decimal places.)