Assume you and some friends are analyzing a certain stock for your portfolio. You've each come up with different required rates of return. [Investor | Required Rate of Return];[Fred |.15]; [Leslie| .12]; [Elliot | .08]. Let's say Fred also thinks markets are efficient and this stock trades for $13. It also just paid a dividend of $1. Fred thinks the expected growth rate of dividends is 3%. Fred would pay $ _____ for the stock (round to the nearest penny).