Cash Cow Enterprises has run out of good ideas and its earnings and dividends are gradually declining. It just paid a dividend of $8.00 a share, which was 4% lower than the prior dividend. The expectation is that dividends will continue to decline by 4% a year for the foreseeable future. Cash Cows business is moderately risky; it is thought that stockholders require a 12% return on their investment in the company. What would you be willing to pay for a share in CashCow?