Bella & CO. is entering into expansion project that may limit the earnings during the expansionary period. However, after the completion of the project in three year-time, it should allow the company to enjoy much improved growth in earnings and dividends. Last year the company paid a dividend of RM3.00 per share. It expects 2 percent growth in the next three years. In year 4 and 5, 6 percent growth is expected. In year 6 and thereafter, growth should be constant at 10 percent per year. Determine the maximum price per share that an investor who requires a return of 14 percent should pay for Bella & Co. common stock.