You are currently thinking about investing in a stock valued at $29 per share. The stock recently paid a dividend of $2.60 and its dividend is expected to grow at a rate of 4 percent for the foreseeable future. You normally require a return of 12 percent on stocks of similar risk. Is the stock overpriced, underpriced, or correctly priced? (Round answer to 2 decimal places, e.g. 52.75.)

Current Value of Stock =