You are valuing a common stock that just paid a dividend of $1.25 per share. You are expecting the stock to grow at the rate of 4% annually, and the stock to give you a return of 9%. What should be the price of the stock?

Round to the nearest cent. Do not include the dollar sign in your answer. (i.e. If your answer were $1.23, then type 1.23 without a $ sign)