The annual dividend for Macrosot Inc. for the most recent fiscal year (which just ended) was $3.07 per share. Analysts project that Macrosot earnings will grow at an annual rate of 10.45% for the next five years. Assume that Macrosots dividend payout ratio (the percent of earnings that are paid as cash dividends) is constant. Hence, dividends will grow at the same rate as earnings. For the sake of this problem, suppose that the projected dividend growth rate stays the same after five years as it is now.

Suppose that the annual discount rate for Macrosot common stock is 15.78%. What is the value of a share of this stock?

Express your answer in dollars and cents. Round to two decimal places. Do not type the $ symbol.