The stock of Tartan Corporation paid a dividend of $2.00 this year. Dividends are expected to grow at the constant rate of 8% indefinitely. The expected return on the market is 11%, and the risk-free rate is 4%. The equity premium is expected to remain constant for the foreseeable future. If the beta of the stock is 0.8, what is the maximum price you should pay for a share of Tartan Corporation?