Cullumber Corp. paid a dividend of $2.44 yesterday. The companys dividend is expected to grow at a steady rate of 5 percent for the foreseeable future. If investors in stocks of companies like Cullumber require a rate of return of 25 percent, what should be the market price of Cullumber stock? (Round dividend to 3 decimal places, e.g. 3.756 and round final answer to 2 decimal places, e.g. 15.25.)

Market price

$enter the market price of the stock rounded to 2 decimal places