A stock just paid a dividend of $0.75. This quarterly dividend is expected to grow at a rate of 4% for the next 10 years, after which it will remain stable (have zero growth) in perpetuity. What is the price of the stock if the required return is 12% (all rates are APR with quarterly compounding)? Enter answer in dollars and cents, rounded to the nearest cent.

(Hint 1: this can be solved by treating the dividend stream as a growing annuity, followed by a delayed zero-growth perpetuity).

(Hint 2: the answer must be lower than your answer to the previous question).