Chocolates R Us makes chocolates that sell successfully throughout the year. It's a public company that offers a 12 percent annual rate of return to its investors, which correctly compensates them for the amount of systematic risk faced by the company. Chocolates R Us's most recently paid per-share dividend is $10.40. Its managers have also announced on their website that from now on the company is planning to reduce its dividend payment by 4 percent each year. The company's investors believe that this dividend reduction from now on is likely to be indefinite. With all of the above information considered, the most you should be willing to pay for each share of Chocolates R Us' stock is $________. (Increase the decimal places and do not round your intermediate calculations. Only your final answer should be rounded to 2 decimal places, e.g., 32.16.) Current share price