Suppose that a company will pay a $0.9 per-share-per-year dividend next year. It is expected to increase that dividend by $0.05 each year for three years (to year four). In year four, the PE ratio of the firm is expected to be 21. Earnings were $2.1 per share last year and are expected to grow at 6% each year to year four. Suppose that the required rate of return is 7%.

D1	$0.90
Increase	$0.05
Future PE	21
E0	$2.1
Growth	6%
Required Rate	7%

What is the value of the stock?

The value of the stock is $ . Round your answer to the nearest two decimal places.