Suppose you are an enterprising and creative entrepreneur who is considering a takeover of Itronic Listening Co. (ILC). You believe that under your management Itronic could sustain a dividend growth...

Suppose you are an enterprising and creative entrepreneur who is considering a takeover of Itronic Listening Co. (ILC). You believe that under your management Itronic could sustain a dividend growth rate of 6% into the foreseeable future (they just paid a dividend of $2). But the takeover and subsequent changes to ILC's business will add more risk, so you will require a 14% return on your investment. What is the maximum price you should be willing to pay for the ILC stock?