A stock just paid an annual dividend of $$1\mathrm{.}5$ and dividend grows at a constant rate of $3\%.$ If the required rate of return is $11\mathrm{.}6\%,$ what is the fair price of the stock? $?($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places$)$

Question $14$

$2\mathrm{.}85pts$