The Francis Company is expected to pay a dividend of D₁ = $1.25 per share at the end of the year, and that dividend is expected to grow at a constant rate of 6.00% (.06) per year in the future. The company's beta is 1.15, the market risk premium is 5.50% (.055) and the risk-free rate is 4.00% (.04). What is the current equilibrium value of the company's stock per share assuming the CAPM accurately estimates the required return on equity?