Cullumber Corporation will pay dividends of $2.60,$2.85, and $3.50 in the next three years. After three years, the dividends are expected to grow at a constant rate of 3 percent per year. If the required rate of return is 13.0 percent, what is the current value of the Cullumber common stock? (Round intermediate calculations and final answer to 2 decimal places, e.g. 52.75.)