Ceejay Corporation's stock is currently selling at an equilibrium price of $35 per share. The firm has been experiencing a 5 percent annual growth...

Ceejay Corporation’s stock is currently selling at an equilibrium price of $35 per share. The firm has been experiencing a 5 percent annual growth rate. Last year’s earnings per share, E0, were $4.00 and the dividend payout ratio is 34 percent. The risk-free rate is 3 percent, and the market risk premium is 5 percent. If market risk (beta) increases by 50 percent, and all other factors remain constant, what will be the new stock price? (use 4 decimal places in your calculations.)