Problem $9-13$ Nonconstant Dividends

Premier, Incorporated, has an odd dividend policy. The company has just paid a dividend of $$8$ per share and has announced that it will increase the dividend by $$6$ per share for each of the next five years and then never pay another dividend. If you require a return of $11$ percent on the company's stock, how much will you pay for a share today? $($Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

Current share price