3. Pavlova Corp currently has 5,000,000 shares. It will generate net income of $120,000,000 1 year from now and will pay out 30% of that income in dividends. The reinvested earnings will generate an annual return of 11%. Pavlova will again pay out 30% of its earnings at year 2 and again will earn 11% on the new investment. At year 3 and every year thereafter, Pavlova will pay out 90% of its earnings and will earn 8.2% on the reinvested earnings. If Pavlova's equity cost of capital is 8%, what is its share price?