Ferrell Inc. recently reported net income of $2 million. It has 350,000 shares of common stock, which currently trades at $31 a share. Ferrell continues to expand and anticipates that 1 year from now, its net income will be $2.8 million. Over the next year, it also anticipates issuing an additional 35,000 shares of stock so that 1 year from now it will have 385,000 shares of common stock. Assuming Ferrell's price/earnings ratio remains at its current level, what will be its stock price 1 year from now? Do not round intermediate calculations. Round your answer to the nearest cent.