Assume IBM is expected to pay a total cash dividend of $4.50 next year and its dividends are expected to grow at a rate of 5% per year forever.

Assume IBM is expected to pay a total cash dividend of $4.50 next year and its dividends are expected to grow at a rate of 5% per year forever. Assuming annual dividend payments, what is the current market value of a share of IBM stock if the required return on IBM common stock is 12%?