Forral Company has never paid a dividend. But the company plans to start paying dividends in two yearsthat is, at the end of Year 2. The first dividend is expected to equal $3 per share. The second dividend and every dividend thereafter are expected to grow at an 8 percent rate. If investors require an 18 percent rate of return to purchase Forral's common stock, what should be the market value of its stock today? Do not round intermediate calculations. Round your answer to the nearest cent.