Carl Patterson likes investing in stocks that pay dividends. Carl owns 95 shares of a local utility company. The stock pays a regular annual dividend in the amount of $4.25 per share and the company has indicated that the dividend will stay the same for a long time. If Carl reinvests his dividends each year and the dividends earn a return of 4 percent each year, how much will Carl accumulate in 13 years? Use Exhibit 1-B. (Round time value factor to 3 decimal places and final answer to 2 decimal places.)

Future value annuity $