31. Pharsalus Inc. just paid a dividend (i.e., D0) of $ 4.30 per share. This dividend is expected to grow at a rate of 6.9 percent per year forever. The appropriate discount rate for Pharsalus's stock is 10.3 percent. What is the price of the stock? (Round your answer to 2 decimal places and record your answer without dollar sign or commas).