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CX Enterprises has the following expected dividends: $1.00 in one year, $1.15 in two years, and...

CX Enterprises has the following expected dividends: $1.00 in one year, $1.15 in two years, and $1.25 in three years. After that, its dividends are expected to grow at 4% per year forever (so that year 4's dividend will be 4% more than $1.25 and so on). If CX's equity cost of capital is 12%, what is the current price of its stock?

The price of the stock will be $______. (Round to the nearest cent.)
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