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Van Buren, Inc., currently pays $2.32 per share in dividends on its common stock. Dividends are expected to grow at 5.00% per year forever. If

Van Buren, Inc., currently pays $2.32 per share in dividends on its common stock. Dividends are expected to grow at 5.00% per year forever. If you require a 12.00% rate of return (i.e., the discount rate) on this investment, what value would you place on a share of Van Buren common stock? Assume that the current dividend was just paid.

Answer format: Currency: Round to: 2 decimal places.

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