Gru. Co. plans to offer preferred shares with a deferred dividend period. Specifically, the company plans to pay the first dividend exactly 3 years from today (T3). The dividend amount will equal $3.25 per share. The dividends are expected to remain constant forever. Assuming investors require an 8% rate of return on the investment, calculate the price per share the investor would pay today to acquire the investment. (Enter a positive value and round to 2 decimals).