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Tandop Hotels, Inc. is entering into a three-year remodelling and expansion project. The construction will have a limiting effect on earnings during that time but when it is complete, it should allow the company to enjoy much improved growth in earnings and dividends.

Last year, the company paid a dividend of $3.40. It expects zero growth in the next year. In the second and third year, 5% growth is expected and in the fourth year, 15% growth. In year 5 and thereafter, growth should be a constant 10% per year.

What is the maximum price per share that an investor should pay for Tandop Hotels common stock if the required rate of return is 14%?