A share of stock has a dividend that is expected to grow at a constant perpetual rate.

During the next year (t=0 to t=1), the dividend yield is expected to be 6.8%.

The capital gains yield for the next year is expected to be 1.88%.

Dividends are paid at years end.

If the dividend to be paid at the end of the year (at t=1) is expected to be $2.55, what is a fair price for the stock today (t=0)?

(Answer to the nearest $0.01)