Xport International just announced that it plans to cut its dividend from $1.75 to $1.00 per share and use the extra funds to expand its operations. Prior to this announcement, Xport's dividends were expected to grow at 5% per year and Xport's stock was trading at $35.00 per share. With the new expansion, Xport's dividends are expected to grow at 7% per year indefinitely. Assuming that Xport's risk is unchanged by the expansion, the value of a share of Xport after the announcement is closest to: