Problem 7-31 Nonconstant Growth (LO2) Phoenix Industries has pulled off a miraculous recovery. Four years ago it was near bankruptcy. Today it announced a $2 per shore dividend to be paid a year from now, the first dividend since the crisis. Analysts expect dividends to increase by S1 a year for another 2 years. After the third year in which dividends are $4 per share) dividend growth is expected to settle down to a more moderate long- term growth rate of 5%. If the firm's investors expect to earn a return of 12% on this stock, what must be its price? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Current price