Sally Johnson, an analyst covering telecom stocks, is attempting to estimate the intrinsic value of Windstream (WIN) using the dividend discount model. She collects the following relevant data:

• The most recent annual dividend per share was $1.4
• The applicable discount rate is 11.5%

Johnson values the stock using a three-stage DDM, assuming growth rates of 11.2% for years 1-3, then 6.9% for years 4 and 5, and then 4.6% starting in year 6 into perpetuity.

Based on Johnson's assumptions, what is the per-share value of WIN stock?

Enter your answer out to two decimals (do not use a leading $ sign).