I plugged this equation into excel but it gives me the wrong answer, can you help?

=10.9*(1-4.5%)

Antiques R Us is a mature manufacturing firm. The company just paid a dividend of $10.90, but management expects to reduce the payout by 4.5 percent per year, indefinitely. If you require a return of 8 percent on this stock, what will you pay for a share today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)