Yesterday, Michelin paid a dividend of $$1\mathrm{.}6(D_0).$ You are considering buying Michelin stock today. Your required rate of return for their equity is $8\%(r).$ You expect that their dividend will grow at $3\%$ per year $($g$).$ Assume that dividends are paid annually. According to the Dividend Discount Model, what should be the price per share of Michelin?