If Professor Siegel is correct that stocks are less risky than bonds, then the risk premium on stock may be zero. Assuming that the risk-free interest rate is 4 percent, the growth rate of dividends is 3.5 percent and the current level of dividends is $22, use the dividend-discount model to compute the level of the S\&P 500 that is warranted by the fundamentals. Instructions: Enter your response rounded to the nearest penny (two decimal places). The level of the S\&P 500: $