Presently, stock A pays a dividend of $2.00 a share, and you expect the dividend to grow rapidly for the next four years at 20%. Thus the dividend payments will be

Year	Dividend
1	$1.20
2	$1.44
3	$1.73
4	$2.07

After this initial period of super growth, the rate of increase in the dividend should decline to 8%. If you want to earn 12% on investments in common stock, what is the maximum you should pay for this stock?