In mid$-2018,$ some analysts recommended that General Electric $($GE$)$ suspend its dividend payments to preserve cash

needed for investment. Suppose you expected GE to stop paying dividends for two years before resuming an annual

dividend of $$1\mathrm{.}00$ per share, paid $3$ years from now, growing by $3\mathrm{.}5\%$ per year. If GE's equity cost of capital is $9\%,$

estimate the value of GE's shares today.

The price today is $$.($Round to the nearest cent.$)$