Financial analysts forecast L Brands $($LB$)$ growth for the future to be $12\mathrm{.}8$ percent. LB$\text{'}$s most recent annual dividend was $$1\mathrm{.}90.$ What is the fair present value of $L$ Brands's stock if the required rate of return is $16$ percent?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places. $($e$.$g$.,32\mathrm{.}16)$

Fair present value