Question: Troy is interested in buying a particular stock whose current dividend per share is $ 1.25 . Troy estimates that the current dividend per share

Troy is interested in buying a particular stock whose current dividend per share is $1.25. Troy estimates that the current dividend per share will increase at a rate of 3.25% per year forever. If Troy's estimates are correct, what is the best estimate of the stock price per share if the required rate of return is 14.00%.

Place your answer in dollars and cents. Do not place a dollar sign or comma in your answer.

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