Grow On, Inc. is a firm that is experiencing rapid growth. The firm yesterday paid a dividend of $9.00. You believe that dividends will grow at a rate of 13% per year for three years, and then at a rate of 7% per year thereafter. You expect the stock will sell for $86.84 in three years. You expect an annual rate of return of 15% on this investment. If you plan to hold the stock indefinitely, what is the most you would pay for the stock now?

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