Scott, Inc. common stock has an equity beta of 1.1, the annual risk-free rate is 5%, and the expected return on the market portfolio is 10%. The firm expects that following 2009 its dividends will increase at the same annual compound rate as that over the 2006-2009 period.

Year	Dividend
2006	2.5
2007	2.6
2008	2.7
2009	2.8

Estimate the value of a share of Scott, Inc.s stock using the dividend discount model. Round your final answer to two decimals.