Suppose that a firm's tecent eamings per share and dividend per share are $3.45 and $3.20, respectively. Both are expected to grow at 6 percent. However, the firm's current P/E ratio of 33 seems high for this growth rate. The P/E ratio is expected to fall to 29 within five years. Compute the dividends over the next five years. (Do not round intermediate calculations. Round your answers to 3 decimal places.) Compute the value of this stock price in five years. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Calculate the present value of these cash flows using an 8 percent discount rate. (Do not round intermediate calculations. Round your answer to 2 decimal places.)