$($Related to Checkpoint $10\mathrm{.}1)($Valuing common stock$)$ Header Motor, Inc., paid a $\backslash (\backslash$$ $2\mathrm{.}98\backslash )$ dividend last year. At a constant growth rate of $6$ percent, what is the value of the common stock if the investors require a $16$ percent rate of return? The value of the common stock is $($round your answer to the nearest cent$)\backslash (\backslash$$ $\backslash$mid $\backslash ).$