Sea Side, Inc., just paid a dividend of $2.2 per share on its stock. The growth rate in dividends is expected to be a constant 4.3 percent per year indefinitely.
Investors require a return of 19 percent on the stock for the first three years, then a 14 percent return for the next three years, and then a 12 percent return thereafter. What is the current share price?
(Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "tiny_mce_markerquot; sign in your response.)