Whole Foods Inc. paid a quarterly dividend of $0.52 recently. Treasury bills are yielding 4%, and the average stock is returning about 11%. Whole Foods is a stable company. The return on its stock responds to changes in the political and economic environment only about 70% as vigorously as that of the average stock. Analysts expect the firm to grow at an annual rate of 3.5% into the indefinite future. Calculate a reasonable price that investors should be willing to pay for Whole Foods stock. Do not round intermediate calculations. Round the answer to the nearest cent.