Saks is expected to pay a dividend in year 1 of $2.13, a dividend in year 2 of $2.45, and a dividend in year 3 of $3.02. 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.)