Mariah is an analyst at DA Davidson. She is working on a proposal to buy a company's stock for the office's model portfolio. The company just paid a $4.75 per share dividend and expects the dividend to grow at 9% per year indefinitely. She believes the return on the market is currently 11%, the current T-bill rate is 1%, and she estimates the company's beta is 1.2. Using the CAPM and dividend discount model, the company's stock price is

(Provide the workings if possible.)