You buy a stock for which you expect to receive an annual dividend of $3.00 for each of the seven years you plan on holding it.

You buy a stock for which you expect to receive an annual dividend of $3.00 for each of the seven years you plan on holding it. At the end of year seven you expect to be able to sell the stock for $75. What is the most that you should be willing to pay today for a share of this company if if you want at least 8% return?