Taylor Corp. is growing quickly. Dividends are expected to grow at a 31 percent rate for the next three years, with the growth rate falling off to a constant 6.6 percent thereafter.
Required:
If the required return is 12 percent and the company just paid a $2.65 dividend, what is the current share price? (Hint:Calculate the first four dividends.)(Do not include the dollar sign ($).Round your answer to 2 decimal places (e.g., 32.16).)