John is evaluating a stock that he believes will pay a dividend equal to $1.25 in exactly one year from today.
Further, John expects that in addition to the dividend he will be able to sell the stock for the amount $48 per share also one year from today.
Using this information, what is the stock's price today if the required rate of return on the stock is 12.00%?
Place your answer in dollars and cents without a dollar sign.