Suppose that the consensus forecast of security analysts of your favorite company is that earnings next year will be $5.00 per share. The company reinvest 40% of its earnings and distribute the remaining to sharetolder as dividends. If the Chief Financial Officer (CFO) estimates that the company's return on equity (ROE) is 16%. Assuming the plowback ratio and the ROE are expected to remain constant forever and pays annual dividends, If you believe that the the company's required rate of return is 10% per year, what is your estimate of the price of the company's stock? Round your final answer to 2 decimal places