Sunland Corporation will pay dividends of $2.65, $2.85, 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 12.0 percent, what is the current value of the Sunland common stock? (Round answer to 2 decimal places, e.g. 52.75.)

Current value of the common stock