Navel County Choppers Inc. is experiencing rapid growth. The company expects dividends to grow at 17 percent per year for the next 12 years before leveling off at 6 percent into perpetuity. The required return on the company’s stock is 12 percent. If the dividend per share just paid was $1.92, what is the stock price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Stock price $