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Captured Photographs doesn't currently pay any dividends but is expected to start doing so in...

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Captured Photographs doesn't currently pay any dividends but is expected to start doing so in 4 years. That is, Captured Photographs will go 3 more years without paying any dividends and then is expected to pay its first dividend (of $3.94 per share) in the fourth year. Once the company starts paying dividends, it's expected to continue to do so. The company is expected to have a dividend payout ratio of 38% and to maintain a return on equity of 21%. Based on the DVM, and given a required rate of return of 17%, what is the maximum price you should be willing to pay for this stock today? BE The maximum price you should be willing to pay for this stock today is $. (Round to the nearest cent.)

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