The Blinkelman Corporation has just announced that it plans to introduce a new solar panel that will greatly reduce the cost of solar energy. As a result, analysts now expect the companys earnings, currently (year 0) $0.70 per share to grow by 50 percent per year for the next three years, by 25 percent per year for the following 3 years, and by 7 percent per year thereafter. Blinkelman does not currently pay a dividend, but it expects to pay out 20 percent of its earnings beginning 2 years from now. The payout ratio is expected to become 45 percent in 5 years and to remain at that level. The companys marginal tax rate is 40 percent. If you require a 22 percent rate of return on a stock such as this, how much would you be willing to pay for it today? Use Table II to answer the question. Round your answer to the nearest cent.

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