Robert Williams is interested in purchasing the common stock of Cullumber, Inc., which is currently priced at $49.84. The company is expected to pay a dividend of $2.58 next year and to increase its dividend at a constant rate of 8.75 percent.

What should the market value of the stock be if the required rate of return is 14 percent?(Round answer to 2 decimal places, e.g. 15.20.)

Market value of stock$ ( )