14. Island Trail Adventures (ITA) expects to have earnings in year 1 of $30 per share and plans to pay a dividend of $15.20 per share. ITA invests its retained earnings in projects with an expected return on investment of 16% and all earnings growth comes from the investment of retained earnings. ITA's cost of equity capital is 15%. What are the expected earnings per share in year 2 if the payout rate remains constant?