Question: While it doesn't pay dividends now, BackRazors R Us will pay its first dividend of $2.70 exactly 4 years from now. Thereafter, future annual dividends

While it doesn't pay dividends now, BackRazors R Us will pay its first dividend of $2.70 exactly 4 years from now. Thereafter, future annual dividends will grow at a constant 2.4% per year. What is a fair price for the stock today if the equity cost of capital is 14.8%? Round your answer to the nearest penny.

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