Glenco announced earnings per share of $6.10 and just paid a $1.00 dividend per share. They will reinvest the difference back in their business. They intend to payout 30% of their earnings as a dividend in the next 3 years, but raise that to 50% in the 4th year. They will maintain a 50% dividend payout for the forseeable future and continue to reinvest the rest. Their new project investments are expected to achieve a 15% rate of return. Their cost of capital is 12%. What price would you be willing to pay to purchase 1 share of this stock?