You are evaluating the purchase of HyperToys, Inc. common stock that just paid anannualdividend of$1.80. You expect the dividend to grow at a rate of12%per year, indefinitely. You estimate that arequired rate of return of 17.5%will be adequate compensation for this investment. Assuming that your analysis is correct andthe company pays dividends once a year, what is the most that you would be willing topay for the common stockif you were to purchase it today? Round to the nearest $.01.