You own a stock in Parham, Inc. The shares are currently worth $58.15. The firm just announced a dividend of $3.45 per share. You live in a world where personal income (including dividends) is taxed at 35% and capita; gains are taxed at 15%. Traditionally, we would expect the share price to drop to $54.70. But, according to Elton & Gruber (1970), the dividend will not fall by the full amount of the dividend. According to their proposition, what will be the share price after the dividend? (The answer is in dollars, round your answer to two decimal places, e.g. 64.75)