ADD announced today that it will begin paying annual dividends next year. The first dividend will be $0.20 a share. The following dividends will be $0.50, $0.20, $0.50, and $0.80 a share annually for the 4 years, respectively. After that, dividends are projected to increase by 3 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 8.5 percent?