A common stock currently has a beta of $1\mathrm{.}7,$ the risk$-$free rate is $5$ percent annually, and the market return is $12$ percent annually. The stock is expected to generate a constant dividend of $$5\mathrm{.}70$ per share. A pending lawsuit has just been dismissed and the beta of the stock drops to $1\mathrm{.}2.$ The new equilibrium price of the stock will be