Avocado Incorporated just paid a dividend of $3. An analyst expects this dividend to grow at a rate of 12% for the next 3 years. After this initial growth stage, the firm is expected to grow at a rate of 5% forever. The required return on this stock is 8%. Given the analysts projections, what is the most you should pay for this stock? Round to the nearest cent. Do not include the dollar sign in your answer. (i.e. If your answer were $1.23, then type 1.23 without a $ sign)