Crane, Inc., is a mature firm that is growing at a constant rate of 5.62 percent per year. The last dividend that the firm paid was $1.60 per share. If dividends are expected to grow at the same rate as the firm and the required rate of return on Cranes stock is 13 percent, what is the market value of the companys stock? (Round answer to 2 decimal places, e.g. 52.75.)

Market value of the company's stock: