You are valuing Ayayai Rain-Making Company (ARM). (a) Your answer is correct. Calculate the required rate of return (assume the market risk premium is 8.1 percent, the risk-free rate is 2.1 percent, and the beta is 1.28). (Round answer to 2 decimal places, e.g. 11.36\%.) Calculate the price of ARM based on the current dividend of $1.26 and a dividend growth rate of 3.1 percent. (Round intermediate calculations to 5 decimal places, e.g. 21.36125 and the final answer to 2 decimal places, e.8. 21.36.)