Ainsley Adams would like to purchase the stock of Abercrombie and Switch and plans to hold the stock for four years. The projected annual dividends for the next four years are $2.15, $2.28, $2.47 and $2.60, respectively. Ainsley believes that at the end of the holding period, the stock will be selling for $45.68. If Ainsley requires an annual rate of return of 19.25% on this investment, what would he be willing to pay for the stock today ?