Maxwell Communications paid a dividend of $1.45 last year. Over the next 12 months, the dividend is expected to grow at 11 percent, which is the constant growth rate for the firm (g). The new dividend after 12 months will represent D₁. The required rate of return (K_e) is 19 percent.

Compute the price of the stock (P₀). (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Stock Price ____