In 2006 and 2007, Kenneth Cole Productions (KCP) paid annual dividends of $ 0.68. In 2008, KCP paid an annual dividend of $ 0.38, and then paid no further dividends through 2012. Suppose KCP was acquired at the end of 2012 for $ 14.57 per share. 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 5.4 %.)