A firm just paid an annual dividend of $1.00 today. The dividend is expected to growth at a rate of 14% for the next three years, and then 6% thereafter. The required rate of return on this stock is 9%. What is the value of this stock? Round to the nearest cent. Do not include the dollar sign in your answer. (i. e. If your answer were $1.23, then type 1.23 without a $ sign)
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