ABC Corporation has just paid a dividend of $3 per share. You—an experienced analyst—feel quite sure that the growth rate of the company’s dividends over the next ten years will be 15 percent per year. After ten years you think that the company’s dividend growth rate will slow to the industry average, which is about 5 percent per year. If the cost of equity for ABC is 12 percent, what is the value today of one share of the company?