Gary King is interested in purchasing the common stock of Cullumber, Inc., which is currently priced at $56.89. The company is expected to pay a dividend of $2.58 next year and to increase its dividend at a constant rate of 9.40 percent.

What should the market value of the stock be if the required rate of return is 14 percent? (Round answer to 2 decimal places, e.g. 15.20.)

Is this a good buy?