The Seneca Maintenance Company currently (that is, as of year 0) pays a common stock dividend of $1.50 per share. Dividends are expected to grow at a rate of 12 percent per year for the next 4 years and then to continue growing thereafter at a rate of 5 percent per year. What is the current value of a share of Seneca common stock to an investor who requires a 16 percent rate of return? Use Table II to answer the question. Round your answer to the nearest cent.
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