You are valuing a stock that will pay a dividend of $$2\mathrm{.}11$ per share one year from now. Then, it will pay a dividend of $$2\mathrm{.}74$ per share two years from now. Then, it will pay a dividend of $$4\mathrm{.}00$ three years from

now. After that, the dividends will grow at $3\%$ per year forever. The risk$-$free rate is $6\%,$ and the risk premium of the stock is $5\%.$ What is the PV of the stock $($that is$,$ the PV of its future dividends$)?$ Hint: You

will need to do a two$-$stage model.

Enter PV rounded to two decimal places here: