A company’s shares are expected to pay a dividend of $6.52 per share in one year. The dividend is expected to grow at a real rate of 1.2% per year indefinitely. The required real rate of return on the company’s shares is 8% per year. Calculate the stock price (to the nearest cent).

Your answer should be to the nearest cent and you should not include a dollar sign or commas. If your answer is $12.187, you should enter your answer as 12.19. If your answer is $12.183, you should enter your answer as 12.18.