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 $2.49

2018 $2.25

2017 $1.84

2016 $1.14

2015 $1.55

Assume that the historical annual growth rate of Seagate dividends is an accurate estimate of the future constant annual dividend growth rate. Use a 18% required rate of return to find the value of Seagate's stock immediately after it paid its dividend of $2.49.

The value of Seagate's stock is $ (Round to the nearest cent.)