McCombis Corporation will pay a $4.85 per share dividend next year. The company pledges to increase its dividend by 4.2 percent per year, indefinitely.

Required:

If you require a return of 15 percent on your investment, how much will you pay for the companys stock today? (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Current stock price

$