An investor just purchased electric utility operator Exelon (EXC) stock and expects the company to generate the following earnings per share: Year 1: $2.36 Year 2: $2.50 Year 3: $2:60 Year 4: $2.75 The investor anticipates receiving dividends in each year based on a 60% payout ratio and then selling the shares for $53 at the end of Year 4 (after receiving the dividend). If the projected cash flow is correct and the investor receives a compound annual return of 10%, how much did he or she pay for the shares? Please round your dividends and present values to the nearest penny.