Assume (for ease of calculations) that Merck pays its dividend annually. It just paid its annual dividend of 2.8 and announced plans to grow that dividend by 2.84% for next year. This annual growth rate is expected to persist forever. Your discount rate (required return) to be willing to buy Merck stock is 7.66%.

- What price should you be willing to pay today for a share of Merck stock? Answer should include two digits to the right of the decimal point (i.e. it includes cents, but not fractions of cents).