Captured Photographs doesn't currently pay any dividends but is expected to start doing so in 4 years. That is, Captured Photographs will go 3 more years without paying any dividends and then is expected to pay its first dividend (of $2.27 per share) in the fourth year. Once the company starts paying dividends, it's expected to continue to do so. The company is expected to have a dividend payout ratio of 42% and to maintain a return on equity of 17%. Based on the DVM, and given a required rate of return of 12%, what is the maximum price you should be willing to pay for this stock today