You are analyzing Jillian's Jewlery (JJ) stock for a possible purchase. JJ just paid a dividend of $1.50 yesterday. You expect the dividend to grow at the rate of 6% per year for the next 3 years; if you buy the stock, you plan to hold it for 3 years and then sell it.

If you plan to buy the stock, hold it for 3 years, and then sell it for 27.05, what is the most you should pay for it?

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