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A company currently pays a dividend of $2.75 per share (D0 = $2.75). It is estimated that the company’s dividend will grow at a rate of 22% per year for the next 2 years, then at a constant rate of 5% thereafter. The company’s stock has a beta of 0.8, the risk-free rate is 5%, and the market risk premium is 3%. What is your estimate of the stock’s current price? Round your answer to the nearest cent.

Crisp Cookware’s common stock is expected to pay a dividend of $2.75 a share at the end of this year (D1 = $2.75); its beta is 1.15; the risk-free rate is 5.8%; and the market risk premium is 5%. The dividend is expected to grow at some constant rate g, and the stock currently sells for $31 a share. Assuming the market is in equilibrium, what does the market believe will be the stock’s price at the end of 3 years (i.e., what is )? Do not round intermediate steps. Round your answer to the nearest cent.