Illustration C: Dowling Productions Company has been paying cash dividend of $$2\mathrm{.}32$ per share in the past few years and is projected to continue to pay this amount every year in the foreseeable future. Assume cost of equity capital is $10\mathrm{.}4\%.$ Using the Dividend Discount Model, at what amount would Dowling$$s stocks be valued? Round to the nearest cent.