ABC Company announced today that it will begin paying annual dividends next year. The first dividend will be $0.10 a share. The following dividends will be $0.20, $0.30, $0.40, and $0.50 a share annually for the following 4 years, respectively. After that, dividends are projected to increase by 3% per year. How much are you willing to pay to buy one share of this stock today if your desired rate of return is 8.0 percent?