Gray Company's management has found that every 11% increase in the selling price of one of the company's products leads to a 15% decrease in the product's total unit sales. The product's absorption costing unit product cost is $17. The variable production cost of the product is $8 per unit and the variable selling and administrative cost is $7.70 per unit.

According to the formula in the text, the product's profit-maximizing price is closest to: (Do not round intermediate calculations. Round your final answers to 2 decimal places.)