Splish Natural Foods' current dividend is $11.50. You expect the growth rate to be 0 percent for years 1 to 5, and 2 percent for years 6 to infinity. The required rate of return on this firm's equity is 8 percent.

Determine the expected price of the stock at the end of year 5 (immediatelv after the year 5 dividend). Round answer to 2 decimal places, e.g. 45.17.)