Ivanhoe Corporation will pay dividends of $2.60, $2.90, and $3.20 in the next three years. After three years, the dividends are expected to grow at a constant rate of 4 percent per year. If the required rate of return is 14.0 percent, what is the current value of the Ivanhoe common stock? (Round answer to 2 decimal places, e.g. 52.75.)

Current value of the common stock