On December $31,2023,$ GE paid an annual dividend per share of $$0\mathrm{.}96.$ They also announced on the same day that they will reduce their dividend to $$\mathrm{.}48$ per share next year. Today is January $1$st$,2024.$ You expect this future dividend payment to remain stable for the next five years and to increase by $2\%$ afterwards in perpetuity. The cost of equity capital $($discount rate$)$ for GE is $9\%.$ What should be the stock price of GE based on these dividend forecasts?

Round your final answers to the nearest cent.

$\frac{\mathrm{.}96(1+\mathrm{.}09)}{(1+\mathrm{.}09)}+\frac{\mathrm{.}48(1+\mathrm{.}09{)}^2}{(1+\mathrm{.}09{)}^2}+\frac{\mathrm{.}48(1+\mathrm{.}09{)}^3}{(1+\mathrm{.}09{)}^3}+$

$\frac{\mathrm{.}48(1+\mathrm{.}09{)}^4}{(1+\mathrm{.}09{)}^4}+\frac{\mathrm{.}48(1+\mathrm{.}9{)}^5}{(1+\mathrm{.}09{)}^5}+\frac{1}{(1+\mathrm{.}09{)}^5}$

$\mathrm{.}48(1+-\mathrm{.}09{)}^5(1+\mathrm{.}11)$

$(\mathrm{.}09-\mathrm{.}11)$

$=29\mathrm{.}52$