Pasqually Mineral Water, Inc., will pay a quarterly dividend per share of $1.10 at the end of each of the next 12 quarters. Thereafter, the dividend will grow at a quarterly rate of 1.6 percent forever. The appropriate rate of return on the stock is 11 percent, compounded quarterly.

What is the current stock price?

(Do not round intermediate calculations andround your answer to 2 decimal places (e.g., 32.16).)