JBK, Inc., normally pays an annual dividend. The last such dividend paid was $3.40, all future dividends are expected to grow at 5 percent, and the firm faces a required rate of return on equity of 11 percent. If the firm just announced that the next dividend will be an extraordinary dividend of $17.90 per share that is not expected to affect any other future dividends, what should the stock price be?
(Do not round intermediate calculations and round your final answer to 2 decimal places.)