Dahan Incorporation is considering a cash purchase of Teratais stock. During the year just completed, Teratai paid cash dividends of RM2.50 per share (D0 = 2.50). Teratais dividends are expected to grow at 3% per year for the next 5 years, after which the dividend growth rate will increase to 6 % per year forever. What is the maximum price per share that Dahan Incorporation should pay for Teratai if it has a required return of 12% on investments with risk characteristics similar to those of Teratai?