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The Digltal Electronic Quotation System (DEQS) Corporation pays no cash dividends currently and Is not expected to for the next five years. Its latest EPS was $15.50, all of which was relnvested In the company. The firm's expected ROE for the next five years is 19% per year, and during this time it is expected to continue to relnvest all of Its earnings. Starting in year 6 , the firm's ROE on new Investments Is expected to fall to 14%, and the company is expected to start paying out 35% of Its earnings in cash dividends, which it will continue to do forever after. DEQS's market capitalization rate is 22% per year. d. What is your estimate of DEQS's intrinsic value per share If you expected DEQS to pay out only 15% of earnings starting in year 6 ? (Do not round Intermedlate calculations. Round your answer to 2 declmal places.)