Suppose RenTech common stock is expected to pay dividends per share as follows::

• Year 1 $9.78
• Year 2 $5.24
• After 2 years the firm's dividends are expected to growth at a rate of 8.72% indefinitely.

What is the estimated price per share of the stock based solely on its dividend assuming a required return of 11.22% .

Express your answer as a value rounded to two decimal places.