The Company announced that it will pay no dividends on the stock over the next few years, because the management decided to reinvest all companys earnings to growth. However, the company will pay a $7.7 per share dividend at the end of year 9 and will increase the dividend by 4.6 percent per year thereafter. Compute the current share price today if the required return on this stock is 9.5 percent. (Round your answer to 2 decimal places and do NOT include the dollar sign).