In $2006$ and $2007,$ Kenneth Cole Productions $($KCP$)$ paid annual dividends of $$$$0\mathrm{.}69.$ In $2008,$KCP paid an annual dividend of $$$$0\mathrm{.}34,$ and then paid no further dividends through $2012.$ Suppose KCP was acquired at the end of $2012$ for $$15\mathrm{.}03$ per share.

a$.$ What would an investor with perfect foresight of the above been willing to pay for KCP at the start of $2006?($Note$$: Because an investor with perfect foresight bears no$$ risk, use a$$ risk$-$free equity cost of capital of $5\mathrm{.}4\%.)$

a$.$ What would an investor with perfect foresight of the above been willing to pay for KCP at the start of $2006?($Note$$: Because an investor with perfect foresight bears no$$ risk, use a$$ risk$-$free equity cost of capital of $5\mathrm{.}5\%.)$

The present value of the cash flows is $$$$\_\_\_.($Round to the nearest$$ cent.$)$