Shivam Inc. is expecting to pay $1.35, $1.30, and $1.25 in annual dividends for the next three years respectively. After that, it projects that dividends will increase by 3.5% annually. Hooman is in the 25% marginal tax bracket and wants to earn 14% after-tax on his capital investments. How much is Homan willing to pay today for one share of Shivam Inc. stock? Ignore the dividend tax credit and treat the dividends same as capital appreciation for tax purposes.