PLEASE USE EXCEL FORMULAS. Errico Enterprises just paid a $$8$ per share annual dividend with the stated intention of increasing its dividends by $5\mathrm{.}25\%$ annually. You would

like to purchase stock in this company but realize that you will not have the funds to do so for another $4$ years. If you require a $15\%$ annual rate

of return, how much will you be willing to pay per share for the stock when you can afford to make this investment?