The market's required rate of return is 6.25% for stock ABC. The market expects a dividend of $2.50 to be paid one year from today. In subsequent years dividends of $3.00, $3.80, $4.00, and $4.90 are expected. Thereafter dividends are expected to grow by 2.5%. What is the price valuation for this stock today?

Provide your answer to 2 decimals, for example 34.45.