You have been following a company, Millstone, Inc., that is about to go public this afternoon. You are fairly certain that the company will not to pay dividends for the first six years of its operations. At the end of the seventh year, you foresee receiving $2.50 per share as a dividend. You forecast that the eighth years dividend will also be $2.50 per share, the ninth years dividend will be $3.45 per share and after that dividends will grow at an annual rate of 3-1/2 percent forever. What would you pay for a share of Millstones stock today if you wished to earn fifteen percent per annum on your investment?