In September 2008 the shares of Dell, Inc., the computer maker, traded at $20.50 each. In its last annual report, Dell had reported book value of $3,735 million with 2,060 million shares outstanding. Analysts were forecasting earnings per share of $1.47 for fiscal year 2009 and $1.77 for 2010 Dell pays no dividends. Calculate the per-share value of Dell in 2008 based on the analysts' forecasts, with an additional forecast that residual earnings will grow at the anticipated GDP growth rate of 4 percent per year after 20l0. Use a required return of 10 percent.