Home PlaceHotels, Inc., is entering into a3-year remodeling and expansion project. The construction will have a limiting effect on earnings during thattime, but when it iscomplete, it should allow the company to enjoy much improved growth in earnings and dividends. Lastyear, the company paid a dividend of $5.20

5.20. It expects zero growth in the next year. In years 2 and3, 7

7% growth isexpected, and in year4, 25

25% growth. In year 5 andthereafter, growth should be a constant 13

13% per year. What is the maximum price per share that an investor who requires a return of 20

20% should pay for Home Place Hotels commonstock?