Jack wants to purchase common stock of Sooner Inc. and hold it for 10 years. The company just announced a payout plan that involves an annual cash dividend of $5.00 per share for the next 15 years. Jack believes that he will be able to sell the stock for $40 at the end of 10 years. In order to earn 11% on this investment, how much should he pay for this stock?

The answer is NOT 29.45 per share or 52.08. Please, show your work.