Ace Manufacturing will pay a dividend of $22.00, which will increase by 5 percent each year over the following three years and then grow at an annual rate of 8 percent forever. You expect a 16 percent return on your invested capital.

What price would you pay for a share in this company? (Do not round "PV factor" and other intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.)

Price $