You believe that the Non-Stick Gum Factory will pay a dividend of $5 on its common stock next year. Thereafter, you expect dividends to grow at a rate of 2% a year in perpetuity. If you require a return of 15% on your investment, how much should you be prepared to pay for the stock? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Stock price

You beliove that the Non-Stick Gum Factory will pay a dividend of $5 on its common stock next year. Thereafter, you expect dividends to grow at a rate of 2% a year in perpetuity. If you require a return of 15% on your investment, how much should you be prepared to pay for the stock? Note: Do not round intermediate calculations. Round your answer to 2 decimal places