You are analyzing a relatively new company. As such, they do not currently pay a dividend. In their most recent shareholder meeting they announced the anticipation of paying a dividend of $1/share with the first one occurring 5 years from today. As you have analyzed this company you have noticed an annual growth rate of 5% in earnings and anticipate that once dividends occur they would have constant growth of 5% per year as well. If you assume a required return of 8% what value would you place on the stock price today? (Round to the nearest cent. With no dollar sign. i.e. 20.10)