captured Photographsdoesn't currently pay any dividends but is expected to start doing so in 4 years. Thatis, Captured Photographs will go 3 more years without paying any dividends and then is expected to pay its first dividend(of $4.19 pershare) in the fourth year. Once the company starts payingdividends, it's expected to continue to do so. The company is expected to have a dividend payout ratio of 34% and to maintain a return on equity of 21%. Based on theDVM, and given a required rate of return of 16%, what is the maximum price you should be willing to pay for this stocktoday?