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The stock of Robotic Atlanta Inc. is trading at $ 2 7 . 9 3 per share. In the past, the firm has paid a

The stock of Robotic Atlanta Inc. is trading at $ 27.93 per share. In the past, the firm has paid a constant dividend (i.e., g =0) of $ 5.66 per share and it has just paid an annual dividend (i.e., D0=5.66). However, the company will announce today new investments that the market did not know about. It is expected that with these new investments, the dividends will grow at 4.7% forever. Assuming that the discount rate remains the same, what will be the price of the stock after the announcement? (Round your answer to 2 decimal places and record your answer without dollar sign or commas).

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