Problem $8-10$ Value a Constant Growth Stock $($LG$8-5)$

Financial analysts forecast Safeco Corporation's $($SAF$)$ growth rate for the future to be $11$ percent. Safeco's recent dividend was $$1\mathrm{.}50.$

What is the value of Safeco stock when the required return is $13$ percent?

Note: Round your answer to $2$ decimal places.

Value of stock