Tankers is expanding rapidly. As a result, the company expects to pay annual dividends of $1.78, 3.07, and $5.38 per share over the next three years, respectively. After that, the dividend is projected to increase by 2.53 percent annually. What is the current value of this stock if the required return is 12.57 percent? Round your answer to 2 decimal places. For example, write 38.32.