A stock's price is predicted to be $40 three years from today, based on its future dividend stream. If there will be no dividends in the next three years, and the required return on the stock is 9%, the estimated price of the stock today is $___________.

Rounding and Formatting: Do not enter a dollar sign in your response. Round your answer to 2 decimal places. Example: If your answer is $12.34567, you should enter 12.35 as your response.