XYZ firm has an ROE of 6.6% per year for the past 5 years and expects this to continue for the foreseeable future. The firm plans to pay 50% of its net income as dividend every year. Given the risk of the firm, the required return of equity is 11%. The firm just paid a dividend of $3.1. What is the price of the common stock? Your answer should be accurate to two decimal places.