Suppose you are a stock analyst at Goldman Sachs. You forecast that Paddy plc will pay dividends of $2.50, $2.75, and $2.25 at the end of each of the next 3 years. It is expected that thereafter the firm will sustain a long-run rate of growth of 4.5%. The appropriate cost of equity for Paddy is 10%. Based on your forecasts, what is the fair price for Paddy?