A broker is considering buying a dividend-paying stock. The dividend will be paid at the end of the year. The analyst consensus is the stock will be worth $36 in one year. The company pays a $2.25 annual dividend. (The ex-dividend date is not a consideration;the broker will receive the full $2.25.) The broker expects a 12% rate of return.

What is the highest price thisbroker should be willing to pay for thisstock?