You are considering the purchase of a common stock that just paid a dividend of $4.00 (D0= $4.00). You expect this stock to have a growth rate of 8 percent per year for two years from t=0 to t=2, and then to have a longrun normal growth rate of 4 percent from t=2. If you require a 14 percent rate of return, how much should you be willing to pay for this stock?