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9 . You expect a stock to pay annual dividends of $ 2 . 3 0 and $ 1 . 1 6 in each of

9. You expect a stock to pay annual dividends of $2.30 and $1.16 in each of the next two years, with the first dividend occurring one year from today. Starting three years from now, and continuing every year thereafter, the stock will pay an annual dividend of $2.28. If the stock's required rate of return is 12.8%, what is a fair price for the stock today? Round your answer to the nearest penny.

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