Question $12$

Joven is a young start$-$up company and therefore is not paying any dividends on the stock over the next $5$ years. At the end of year $6,$ the company will pay a $$3$ dividend. The company will pay a $$4\mathrm{.}29$ per share dividend at the end of year $7$ and thereafter it will increase the dividends by $3\%$ per year forever. If the required rate of return on this stock is $8\%,$ what is the current $($today$\text{'}$s$)$ share price? Show your answer to the nearest $$\mathrm{.}01.$ Do not use the $ or $,$ signs in your answer.