Common stock value: Variable growth Home Place Hotels Inc. is entering into a three-year remodeling and expansion project. The construction will have a limiting effect on earnings during that time, but when completed, it should allow the com-pany to enjoy much improved growth in earnings and dividends. Last year, the com-pany paid a dividend of $3.40. It expects zero growth in the next year. In years two and three, 5% growth is expected, and in year four, 15% growth. In year five and thereafter, growth should be a constant 5% per year. What is the maximum price per share that an investor who requires a return of 14% should pay for Home Place Hotels common stock.