Spencer Co.'s common stock is expected to have a dividend of $5 per share for each of the next 11 years, and it is estimated that the market value per share will be $108 at the end of 11 years. If an investor requires a return on investment of 10%, what is the maximum price the investor would be willing to pay for a share of Spencer Co. common stock today? (Do not round intermediate calculations. Round your answer to 2 decimal places.)