Hubbard Industries just paid a common dividend, D0, of $1.30. It expects to grow at a constant rate of 2% per year. If investors require a 12% return on equity, what is the current price of Hubbard's common stock? Do not round intermediate calculations. Round your answer to the nearest cent.

Carlysle Corporation has perpetual preferred stock outstanding that pays a constant annual dividend of $1.80 at the end of each year. If investors require an 7% return on the preferred stock, what is the price of the firm's perpetual preferred stock? Round your answer to the nearest cent.