You are considering the purchase of a new stock. The stock is forecasted to pay a dividend next year (D1) of $3.98. In addition, you forecast that the firm will have a stable growth rate of 4.5% for the foreseeable future. The current risk-free rate of return is 4.4%. The expected return on the market is 7.8% and the standard deviation for the market is 18%. The stock has a correlation to the market of 0.29. Finally, the stock has a standard deviation of 44%.

Given this information, what is the value of this stock? (Hint: Use the constant growth pricing model)