Hot Wings, Inc., has an odd dividend policy. The company has just paid a dividend of $9.50 per share and has announced that it will increase the dividend by $7.50 per share for each of the next four years, and then never pay another dividend.

Required:

If you require a return of 15 percent on the companys stock, how much will you pay for a share today?(Do not round intermediate calculations.Round your answer to 2 decimal places (e.g., 32.16).)