You own shares of Pharoah DVD Company and are interested in selling them. With so many people downloading music these days, sales, profits, and dividends at Pharoah have been declining 8 percent per year. The firm just paid a dividend of $1.55 per share. The required rate of return for a stock this risky is 12 percent. If dividends are expected to decline at 8 percent per year, what is a share of the stock worth today?