After examining company statements, analysts have forecasted the following for the stock of Raymond Inc. They expect to pay no dividends to be paid for the next three years. Instead, The first dividend of $3.50 is expected to be paid at the end of year 4 and will remain at $3.20 for years 5, 6 and 7. Thereafter the dividends are expected to grow at an annual rate of 5%. What is the new price of the shares given these forecasts? Assume a rate of return of 16%.