Standard Oil (STO) paid a 2016 dividend of $1.45 and a 2017 dividend of $1.60. These dividends are consistent with their historical growth rate in dividends. Because of some uncertainty with the tax laws on capital gains versus dividends, the company does not anticipate paying any dividends for the next few years. However, beginning on December 31, 2022, they expect to pay a dividend of $2.55 with dividends thereafter changing at the historical growth rate. If the discount rate for STO is 11.15%, what is the most you would pay for a share of STO stock today (December 31, 2018)?

Please explain your answer in a spreadsheet.