Pasqually Mineral Water, Inc. , will pay a quarterly dividend per share of $1. 20 at the end of each of the next 12 quarters. Thereafter, the dividend will grow at a quarterly rate of 1. 8 percent, forever. The appropriate rate of return on the stock is 12 percent, compounded quarterly. What is the current stock price? (Do not round intermediate calculations and round your answer to 2 decimal places, e. G. , 32. 16. )
