A stock will pay no dividends for the next 5 years. Six years from now, the stock is expected to pay its first dividend in the amount of $2.6. It is expected to pay a dividend of $3.6 exactly seven years from now. The dividend is expected to grow at a rate of 5% per year forever after that point. The required return on the stock is 12%. The stock's estimated price per share exactly FIVE years from now, P₅ , should be $______. Round to two decimal places.