A company is not expected to pay dividends over the next five years. The company is then expected to pay annual dividends in the amount of $1.50 per year starting the end of year six until (and including) the end of year 20. Starting the beginning of year 21, dividends are expected to grow by 5% per year thereafter, in perpetuity. Assuming a required return of 12% per year, calculate the value of one share of the company. Show your work