XYZ pays dividends twice a year at the end of June and December.It is currently the end of March and thedividends for this year are expected to be $2.30and $2.70,respectively. Next year,each dividend is expected to be3%larger than the corresponding dividend this year and the growth is expected to continue in this way every yearthereafter.All dividends are fully franked at the corporate tax rate of 30% and franking credits are valued by the market at 35% of the face amount.The appropriate rate of return on this stock is 15%p.a.What is the current value of this stock?Answer to the nearest whole dollar. (e.g.,if you compute the value as $40.12you should enter 40).