Problem $9-4$ Stock Values

Five Star Corporation will pay a dividend of $$3\mathrm{.}06$ per share next year. The company pledges to increase its dividend by $6$ percent per year indefinitely. If you require a return of $12$ percent on your investment, how much will you pay for the company$$s stock today? $($Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$