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.