Pharoah Corp. paid a dividend of $2.56 yesterday. The companys dividend is expected to grow at a steady rate of 5 percent for the foreseeable future. If investors in stocks of companies like Pharoah require a rate of return of 15 percent, what should be the market price of Pharoah stock? (Round dividend to 3 decimal places, e.g. 3.756 and round final answer to 2 decimal places, e.g. 15.25.)