$($Ref$.$ Unit $5$ Exercise $5)$ Suppose that a stock's most recent dividend

was $$3$ per share. The stock's dividends are expected to grow at $15\%$

for the next two years $($until $t=2),$ followed by a long$-$term stable

growth rate of $3\mathrm{.}1\%$ per year. The required rate of return on the stock is

$8\%.$ What is the value of the stock today $(t=0)?$

Note: Write your answer with $2$ or more decimal places.