Suppose that a firm's recent earnings per share and dividend per share are $2.95 and $2.20. respectively. Both are expected to grow at 9 percent. However, the firm's current P/E ratio of 23 seems high for this growth rate. The P/E ratio is expected to fall to 19 within five years. Compute the dividends over the next five years. (Do not round intermediate calculations and round your final answers to 3 decimal places.) Compute the value of this stock price in five years. (Do not round intermediate calculations and round your final answer to 2 decimal places.) Calculate the present value of these cash flows using an 11 percent discount rate. (Do not round intermediate calculations and round your final answer to 2 decimal places.)