Boomer Corp. just paid shareholders an annual dividend of $1.25 per share. Harley Jones, a securities analyst, expects the company to grow dividends per share at 5 percent per year for the foreseeable future. He estimates that the companys cost of equity is about 9 percent. What is Harleys estimate of the fundamental value of a share of Boomers common stock? (Hint: Harley is using a Dividend Discount Model for his calculations.)