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In the voltage reference circuit shown in the figure, the op-amp is ideal and the transistors $Q_1, Q_2, \dots ,Q_{32}$ are identical in all respects and have infinitely large values of common-emitter current gain $(\beta)$. The collector current $(Ic)$ of the transistors is related to their base-emitter voltage ($V_{BE}$) by the relation $I_c =I_s$ exp ($V_{BE}/V_T$), where $I_s$ is the saturation current. Assume that the voltage $V_p$ shown in the figure is $0.7$ V and the thermal voltage $V_T = 26$ mV.

The output voltage $V_{out}$ (in volts) is ______________

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