A stock market analyst, whose opinions you hold in high regard, has just released a report saying that she believes that a particular companys stock will reach a price of $47.50 in two years. The stock just paid a dividend of $3.80 per share. Based on your forecasts of the companys earnings (and your assumption that dividends will grow at the same rate as earnings), you have determined that dividends will likely grow by 15% and then 18%, in the next two years, respectively (i.e. the dividend in year 2 will be 18% larger than the dividend in year 1). Based on these estimates, if the stock has a 15% required return what would you be willing to pay today