Troy is interested in buying a particular stock whose current dividend per share is $1.15. Troy estimates that the current dividend per share will increase at a rate of 3.15% 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 12.00%.
$ ____
Place your answer in dollars and cents. Do not place a dollar sign or comma in your answer.? (round to 4th decimal)