Ray's Hardware stock will pay a dividend of $$2\mathrm{.}50$ per share next year. The company pledges to increase its dividend by $3\mathrm{.}25$ percent per year indefinitely. If you require a return of $8$ percent on your investment, how much will you pay for the company's stock today? $($Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$