Beta Industries has net income of $100,000, and it has 1,170,000 shares of common stock outstanding. The company's stock currently trades at $38 a share. Beta is considering a plan in which it will use available cash to repurchase 10% of its shares in the open market. The repurchase is expected to have no effect on net income or the company's P/E ratio. What will be its stock price following the stock repurchase? Round your answer to two decimal places.