Pharoah Manufacturing Company has been growing at a rate of 7 percent for the past two years, and the CEO expects the company to continue to grow at this rate for the next several years. The company paid a dividend of $ 1.60 last year. If your required rate of return is 15 percent, what is the maximum price that you would be willing to pay for this companys stock? (Round intermediate calculation and final answer to 2 decimal places, e.g. 15.25.)