The Jackson-Timberlake Wardrobe Co. just paid a dividend of $1.1 per share on its stock. The dividends are expected to grow at a constant rate of 3 percent per year indefinitely. If investors require a 12 percent return on The Jackson-Timberlake Wardrobe Co. stock, what is the current price? Answer with 2 decimals (e.g. 10.12).

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