Fred Tibbits has made a detailed study of the denim clothing industry. He's particularly interested in a company called Denhart Fashions that makes stylish denim apparel for children and teenagers. Fred has done a forecast of Denhart's earnings and looked at its dividend payment record. He's come to the conclusion that the firm will pay a dividend of $5.50 for the next two years followed by a year of $6.50. Fred's investment plan is to buy Denhart now, hold it for three years, and then sell. He thinks the price will be about $77.00 when he sells. What is the most Fred should be willing to pay for a share of Denhart if he can earn 15% on investments of similar risk? Round PVF values in intermediate calculations to four decimal places. Round the answer to two decimal places. Do not round intermediate calculations.