The common stock of a company recently paid a dividend of $1.48 per share. It's expected growth rate in the next 7 years is 11.5% per year. Management expects that once competitors get geared up and come up with a similar product, the growth rate will decrease by 1.5% per year for the following six years. After that, the annual growth rate will be 2.0% for an infinite period. The appropriate cost of equity capital is currently 14.25% per year. What is the minimum price that you would be willing to sell this stock at?