Spendex Corporation paid a dividend of $1.23 per share today. Dividends are expected to grow at 12.00% per year for the next 3 years, then at 9.00% per year in the following 2 years. After the 5th year, the growth in dividends is expected to remain constant at 4.00%. As an investor, you require a 12.00% rate of return on this equity investment. What is the maximum price you would be willing to pay for a share of Spendex?

Answer format: Currency: Round to: 2 decimal places.