Suppose that a firms recent earnings per share and dividend per share are $3.40 and $3.10, respectively. Both are expected to grow at 8 percent. However, the firms current P/E ratio of 32 seems high for this growth rate. The P/E ratio is expected to fall to 28 within five years. Calculate the present value of these cash flows using a 10 percent discount rate. (Do not round intermediate calculations. Round your answer to 2 decimal places.)