A firm has just declared that its dividend next year will be $5.20 per share. That rate of payment will continue for an additional 4 years, after which the dividends will fall back to their usual $4.20 per share. The discount rate is 8 percent. What is the present value of all the future dividends? (Round answer to 2 decimal places, e.g. 125.12. Do not round your intermediate calculations.)