Suppose a company has just paid a dividend of $5.10 a share (DIV₀ = $5.10) and is expected to increase that amount by 4.25 percent per year (this means that g = 4.25%). If you are planning to buy a block of shares of this stock next year, how much should you expect to pay for each share if the market rate of return for this type of security is 11 percent at the time of your purchase? That is, please find P₂₀₂₁.

Stock Price Next Year (P₂₀₂₁) =