12. The last dividend paid by Paris Securities, Ltd. just paid a dividend of $2.15. The company projects supernormal growth of 16% annually for the next two years. After that growth is expected to slow down to a normal 4% annual growth rate which will go on indefinitely. The dividends will grow accordingly. If the required annual rate of return is 11%, how much would you pay for a share of Paris Securities today? (Hint: Find the present value of this cash flow. Set up a line diagram showing the cash flows involved to help you in your calculations.) (9 points)