St. Charles Inc. paid a dividend last year of $1. Their CFO has stated that they plan to increase dividends by $0.30 per share every year for the next 5 years. Wow, that's a pretty good growth in dividends.

After that, you don't feel that you can make detailed estimates of what St. Charles will do with dividends but the CFO has also stated that she expects the company to grow at about 8% a year, and for dividend growth to keep up with that rate of growth.

St. Charles has been a bit volatile in the past, so you have a high rate of return expectation to compensate for uncertainty and risk. You think that 14% is about right. What would the stock be worth today under these assumptions?

State your answer to the nearest whole cent