The Island Hotel Company, Inc. just paid a dividend of $2.75 per share, and that dividend

is expected to grow at a constant rate of 5.50% per year in the future. The company's

beta is 2.95, the market risk premium is 6.75%, and the risk-free rate is 3.50%. Using

CAPM, at what price should the company's stock sell? Note: Enter your answer

rounded off to the nearest cent. Do not enter $ or comma in the answer box.