Universal Laser Inc. just paid a dividend of $3.00 on its stock. The growth rate in dividends is expected to be a constant 4 percent per year, indefinitely. Investors require a 11 percent return on the stock for the first three years, a 9 percent return for the next three years, and then an 7 percent return thereafter.

What is the current share price for the stock? (Do not round intermediate calculations and round the final answer to 2 decimal places. Omit $ sign in your response.)

Current share price $