Amarillo Buff Enterprise (ABE) is expected to pay a dividend of $1.25 next year. If the annual dividend is expected to grow at 2% forever and the equity cost of capital is 8%, what is the current price?

Instruction: Type ONLY your numerical answer in the unit of dollars, NO $ sign, NO comma, and round to one decimal places. E.g., if your answer is $7,001.56, should type ONLY the number 7001.6, NEITHER 7,001.6, $7001.6, $7,001.6, NOR 7002. Otherwise, Blackboard will treat it as a wrong answer.