The Peyton Company is expected to pay a dividend (D₁) of $1.49 at the end of next year. The dividend is expected to grow at a constant rate (g) of 2.6% in the future. The company's beta is 1.1, the market risk premium is 5.5%, and the risk-free rate is 3.2%. What is the company's current stock price P₀? (HINT: use the CAPM to find r_s, then use r_s in the dividend growth model to find P₀.) Enter your answer with 2 decimal places (dollars and cents).