Your brother-in-law, a stockbroker at Invest, Inc., is trying to sell you a stock. The stocks next dividend (D 1 ) is expected to be $1.50, and eamings and dividends are expected to increase at a constant growth rate of 7 percent. Your required return on this stock is 17 percent. From a strict valuation standpoint, how much is the stock worth? (Round to the nearest penny. Your answer should be displayed to two places)