An investor wishes to purchase a stock today and sell it at the end of three years. The stock has the following estimates of dividends paid at the end of each of the first 3 years. Dividends are level afterwards. Year 1 2 3 and up Annual dividend 1.10 1.20 1.35 The investor estimates dividend yields beginning in year 4 to be 4%. She anticipates selling immediately following receipt of the 3rd dividend. What would she be willing to pay for the stock today if she has a 14% required rate of return