You own shares of Carla Vista DVD Company and are interested in selling them. With so many people downloading music these days, sales, profits, and dividends at Carla Vista have been declining 9 percent per year. The firm just paid a dividend of $1.10 per share. The required rate of return for a stock this risky is 13 percent. If dividends are expected to decline at 9 percent per year, what is a share of the stock worth today? (Round answer to 2 decimal places, e.g. 15.20.)

Worth of share of stock

$enter the current stock price rounded to 2 decimal places