You are contemplating purchasing 200 shares of General Rayon Corporation. You forecast that the company will pay no dividends until the seventh year (t = 7) at which time it will pay a $3 per share dividend. The company will maintain this constant dividend until the fifteenth year (t = 15) when it will pay a $3.30 per share dividend that will grow in perpetuity at a 3% annual rate. If you wish to earn a 14% annual rate of return on this investment, what is the most that you would pay for 200 shares of General Rayon's stock now (t=0)