You have decided to purchase common stock of Bennett Manufacturing and hold it for 7 years. The directors of the company just announced that they expect to pay an annual cash dividend of $4.00 per share for at least the next 8 years. In your research on target prices for this stock, several analysts say that Bennett common shares should be worth around $80 to $90 at the end of seven years. In order to earn 12% return on this investment, how much would you be willing to pay for this stock?