Boehm Incorporated is expected to pay a $3.50 per share dividend at the end of this year (i.e., D₁ = $3.50). The dividend is expected to grow at a constant rate of 3% a year. The required rate of return on the stock, r_s, is 8%. What is the estimated value per share of Boehm's stock? Do not round intermediate calculations. Round your answer to the nearest cent.