Neil is evaluating a Parrott Inc using dividend discount model. He has analyzed past dividends, earnings per share and payout ratios and has summarized the following info: Most recent dividend was $1.94 per share Most recent EPS was $6.45 EPS growth is 8% per year Dividend payout is stable at 30% Beta is 2.3 Risk free rate is 1.8% Market risk premium is 6.1%. What is the fair price for this stock?