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 $$3\mathrm{.}15$ 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 $33\%$ and to maintain a return on equity of $19\%.$ Based on the DVM$,$ and given a required rate of return of $15\%,$ what is the maximum price you should be willing to pay for this stock today?

The maximum price you should be willing to pay for this stock today is $$.($Round to the nearest cent.$)$