$($Estimated time allowance: $5-6$ minutes$)$ You want to invest in a stock that pays $$28$ annual cash dividend for the next $9$ years. At the end of the $9$ years, you will sell the stock for $$62.$ If you want to earn $13\%$ on this investment, what is a fair price for this stock, today?

Click here for access to the $2$ pages of formula sheets for Chapter $7$

For your answer, round to $2$ decimals and do not use the $$.$ Do not use commas to separate thousands.

For example, if your result is $$103\mathrm{.}679$ then enter $103\mathrm{.}68$ ;

if your result is $$10$ then enter $10\mathrm{.}00$

if your result is $$8\mathrm{.}4$ then enter $8\mathrm{.}40$