Question: Boehm Incorporated is expected to pay a $1.70 per share dividend at the end of this year (i.e., D 1 = $1.70). The dividend is

Boehm Incorporated is expected to pay a $1.70 per share dividend at the end of this year (i.e., D₁ = $1.70). The dividend is expected to grow at a constant rate of 3% a year. The required rate of return on the stock, r_s, is 11%. What is the estimated value per share of Boehm's stock? Do not round intermediate calculations. Round your answer to the nearest cent.

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