The Island Hotel Company, Inc. just paid a dividend of $1.95 per share, and that dividend is expected to grow at a constant rate of 5.50% per year in the future. The company's beta is 2.25, the market risk premium is 6.75%, and the risk-free rate is 2.50%. Using CAPM, at what price should the company's stock sell? Note: Enter your answer rounded off to the nearest cent. Do not enter $ or comma in the answer box. For example, if your answer is $12,300.456 then enter as 12300.46 in the answer box.