Youve collected the following information from your favorite financial Web site

Hi Lo Stock (div) Div yld% PR Ratio Close Price Net Chg

77.40 10.43 Palm coal 0.36 2.6 6 13.90 -0.24

55.81 33.42 Lake lead grp 1.54 3.810 40.43 -0.01

131.10 70.35 SIR 2.85 3.2 1089.14 3.07

50.24 13.95 DR Dime 0.80 5.2 615.43 -0.26

35.00 20.74 Candy Galore 0.32 1.5 28 ??0.18

According to your research, the growth rate in dividends for SIR for the next five years is expected to be 20.0 percent. Suppose SIR meets this growth rate in dividends for the next five years and then the dividend growth rate falls to 5.25 percent indefinitely. Assume investors require an 13 percent return on SIR stock.

Requirement:

According to the dividend growth model, what should the stock price be today? (Do not include the dollar sign ($). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places