A company paid a $2 per share dividend at the end of the previous fiscal year (December 31st). Today is the first day of the new fiscal year (January 1st) and you are deciding whether to purchase one share of stock. The dividend is expected to grow at a rate of 8% for the next 3 years; then it will grow at 4% forever. The appropriate discount rate is 12%. How much would you be willing to pay for one share of stock?