Pierce Glass, Inc. is a mature manufacturing firm. The company just paid a dividend of $12.80, but management expects to reduce the payout by 3.5 percent per year, indefinitely. If you require a return of 6 percent on this stock, what will you pay for a share today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Current share price You've collected the following information from your favorite financial website. 52-Week Price Hi 64.60 145.94 171.13 91.80 113.19 LO 47.80 70.28 139.13 71.96 96.20 Stock (Div) Abbott 1.12 Ralph Lauren 2.50 IBM 6.30 Duke Energy 3.56 Disney 1.68 Div Yld % 1.9 1.8 4.3 4.9 1.7 PE Close Ratio Price 235.6 62.91 70.9 139.71 23.8 145.39 17.6 74.30 15.5 ?? Net Chg -.05 .62 .19 .84 .10 According to your research, the growth rate in dividends for Duke Energy for the next 5 years will be 4.5 percent. If investors feel this growth rate will continue, what is the required return for the company's stock? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Required return %