The Framingham Company expects to grow at 4% indefinitely. Economists are currently asserting that investment opportunities in short-term government securities (Treasury bills) are readily available at a risk-free rate of 5%. The stock market is returning an average rate of 9%. Framingham's beta has recently been calculated at 1.4. The firm recently paid an annual dividend of $1.7 per share. At what price should shares of Framingham stock be selling? Do not round intermediate calculations. Round the answer to the nearest cent.
$ per share