Countdown Telegraph Products, Inc. has the following dividends planned: The next dividend of $6 is scheduled for 4 months from today. Each subsequent dividend will be paid every 6 months. The dividends paid 10 months, 16 months, 22 months, and 28 months from today will be 5% higher than the previous dividend payment. Every dividend paid 34 months from today and after will be 1% lower than the previous dividend payment. If dividends will be paid forever, what is the present value of these planned payments if the effective annual interest rate is 7%?