A stock will pay no dividends for the next 3 years. Four years from now, the stock is expected to pay its first dividend in the amount of $2.2. It is expected to pay a dividend of $2.7 exactly five years from now. The dividend is expected to grow at a rate of 6% per year forever after that point. The required return on the stock is 13%. The stock's estimated price per share exactly TWO years from now, P₂ , should be $______.

Do not round any intermediate work, but round your final answer to 2 decimal places (ex: $12.34567 should be entered as 12.35).