Common stock value: Constant growth

Seagate Technology is a global leader in data storage solutions and a high yield dividend payer. From 2015 through 2019, Seagate paid the following per-share dividends:

Year Dividend per share

2019 $2.56

2018 2.29

2017 1.84

2016 1.21

2015 1.52

Assume that the historical annual growth rate of Seagate dividends is an accurate estimate of the future constant annual dividend growth rate. Use a 20% required rate to find the value of Seagate's stock immediately after it paid its 2019 dividend of $2.56.

The value of Seagate's stock is $____.