$21-2$ MERGER VALUATION Angry Ducks estimates that if it acquires Farmers' Ville, the year$-$end dividend will remain at $$2\mathrm{.}00$ a share, but synergies will enable the dividend to grow at a constant rate of $7\%$ a year $($instead of the current $5\%).$ Angry Ducks also plans to increase the debt ratio of what would be its Farmers' Ville subsidiary$-$the effect of this would be to raise Farmers' Ville beta to $1\mathrm{.}1.$ What is the per$-$share value of Farmers' Ville to Angry Ducks? $R_0=43\mathrm{.}48$