Use the Dividend Growth Model to compute the expected price of a stock today. Each share is expected to pay a dividend of $$6\mathrm{.}16$ in one year. Investors' annual required rate of return is $16\mathrm{.}3\%,$ and the expected growth rate of the dividend is $3\mathrm{.}8\%$ per annum. Answer to the nearest penny.

Answer: