You feel that Stock X will be able to grow its dividend by 13% per year for the
next two years, after which time the growth rate will drop to 3% and then stay
at that rate forever. You feel that a discount rate of 8% is fair, given the
company's risk. Earlier today, Stock X paid a dividend of $0.60 per share.
According to your expectations, what should be Stock X's current price? Write
your answer out to the nearest penny.