Problem $7-16$ Nonconstant Dividends $[$ll $11]$

Premier, Incorporated, has an odd dividend policy. The company has just paid a dividend of $$7\mathrm{.}65$ per share and has announced that it will increase the dividend by $$10\mathrm{.}25$ per share for each of the next four years, and then never pay another dividend. If you require a return of $16$ percent on the company's stock, how much will you pay for a share today?

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$