Calculate what the stock of a toy company by the name of Peter Rabbit Union should be selling for if the company just paid $4.70 per share in dividends, and the dividends are expected to grow at a constant growth rate of 6.3% per year forever. The required rate of return is 16.4%. Round the final answer to two decimal places.

$54.65, $49.47, $43.60, $29.61, or $22.01 (show calculation)