A stock is expected to pay a dividend of $1.2 at the end of the year. The required rate of return is rs= 15.5%, and the expected constant growth rate is g = 7.5%. What is the stock's current price?
Note: Enter your answer rounded off to two decimal points. Do not enter % in the answer box. For example, if your answer is 0.12345 then enter as 12.35 in the answer box.