Hokkaido, Inc. is a firm that is experiencing rapid growth. Lately, the firm paid a dividend of P7.10. You believe that dividends will grow at a rate of 16% per year for three years, and then at a rate of 9% per year thereafter. If you expect an annual rate of return of 12% on this investment and you plan to hold the stock indefinitely, what is the most you would pay for the stock now?