Telus, a Canadian wireless communications company, earned $3.4 per share in 2010 and paid dividends of $1.72 per share. Analysts forecast an annual earnings growth rate of 7.9 percent for the next 5 years. Based on similar-risk companies, the estimated required rate of return on Telus stock is 8.9 percent. It is assumed that from 2015 onward, Telus will maintain its current reinvestment rate but earn only its cost of capital on new investments. Estimate Telus' current stock price. (Round your answer to the nearest cent.)