The required return on an investment is 11 percent. You estimate that firm X's dividends will grow as follows:
Year Dividend
1 $1.20
2 2.00
3 3.00
4 4.50
For the subsequent years you expect the dividend to grow but at the more modest rate of 9 percent annually. What is the maximum price that you should pay for this stock? Round your answer to the nearest cent.