P7-14: common stock value: variable growth home place hotels inc. is entering into a 3-year remodeling and expansion project. the construction will have a limiting effect on earnings during that time, but when completed, it should allow the com-pany to enjoy much improved growth in earnings and dividends. last year, the com-pany paid a dividend of $3.40. it expects zero growth in the next year. in years 2 and 3, 5% growth is expected, and in year 4, 15% growth. in year 5 and thereafter, growth should be a constant 10% per year. what is the maximum price per share that an investor who requires a return of 14% should pay for home place hotels common stock?