ABC Company announced today that it will begin paying annual dividends next year. The first dividend will be $0.1 a share. The following dividends will be $0.2, $0.3, $0.4, and $0.5 a share annually for the following 4 years, respectively. After that, dividends are projected to increase by 2 percent per year. How much are you willing to pay to buy one share of this stock today if your desired rate of return is 7 percent?