Common stock value: Variable growth Home Place Hotels Inc. is entering into a$3-$year remodeling and expansion project. The construction will have a limiting effect on earnings during that time, but when completed, it should allow the company to enjoy much improved growth in earnings and dividends. Last year, the co pany paid a dividend of $$3\mathrm{.}40.$ It expects zero growth in the next year. In years $2$ and $3,5\%$ growth is expected, and in year $4,15\%$ growth. In year $5$ and thereaft growth should be a constant $10\%$ 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?