NoGrowth Corporation currently pays a dividend of $0.44

per quarter, and it will continue to pay this dividend forever. What is the price per share of NoGrowth stock if the firm's equity cost of capital is

12.4%?

to get the stock price Is the formula (1+0.124)^-1 then the answer I get from this divided by 0.44 how do I do this on calculator cant figure it out

the stock price is

(Round to the nearest cent.)