A stock is expected to pay a dividend of $2.2 at the end of the year. The dividend is expected to grow at a constant rate of 6.5%. The required rate of return is 9%. What is the stock's current price?
Note: Enter your answer rounded off to two decimal points. Do not enter $ or comma in the answer box. For example, if your answer is $12.345 then enter as 12.35 in the answer box.