A stock has an expected annual return of 8.7 percent and is expected to pay annual dividends forever. The first annual dividend is expected in 1 year and all subsequent annual dividends are expected to grow at a constant rate of 3.81 percent per year. The dividend expected in 1 year from today is expected to be 20.67 dollars. What is the present value (as of today) of the dividend that is expected to be paid in 3 years from today?