VALUATION OF A DECLINING GROWTH STOCK Martell Mining Company’s ore reserves are being depleted, so its sales are falling. Also, because its pit is getting deeper each year, its costs are rising. As a result, the company’s earnings and dividends are declining at the constant rate of 4.75% per year. If D0 = $6.5 and rs = 14.75%, what is the value of Martell Mining’s stock? Round to TWO decimal places.