Fake Company Lambda just paid a large dividend to common shareholders of $1.24. Company executives also announced a plan to keep the dividend growing at 3.5% for the foreseeable future. If your required return on equity investments is 8.0%, what is an appropriate price for you to pay for this stock?

Enter your answer rounded to the nearest second decimal, just like a regular stock price. Do not use dollar signs, percent signs, or commas.

For example, if you calculated 14.2719, you would enter 14.27. If you calculated 35.4897, you would enter 35.49.

With the explanation and examples above, no credit is given for answers entered incorrectly. Answers are considered correct + or - 0.02.