ABC Co. is expected to earn $2.00, $2.50 and $2.40 per share in each of the next 3 years. At the end of the 3rd year, the stock is expected to sell at a current yield of 3%. It is ABC Co.'s policy of employing a dividend payout ratio of 25%. If an investor demands a 15% return for investing in Dunlap stock, how much should the investor be willing to pay for the shares today?