Preferred stock of Slow But Sure Inc., pays annual dividends of $1. These dividends are expected to continue into the indefinite future.

Preferred stock of Slow But Sure Inc., pays annual dividends of $1.50. These dividends are expected to continue into the indefinite future. What is the fair price of Slow But Sure’s preferred stock if the required return on this stock is 12 percent?

i think the answer is $12.50 but i just want to make sure I’m correct