A financial analyst tries to estimate the stock price of Precision Inc. Precision just announced its earnings per share of $3 today, but the company currently pays no dividends. The analyst expects Precisions earnings to grow at 22% per year in the following five years. After that, the earnings will grow at 5% per year for five years and then slow down to 2% forever. Precision plans to pay out its first annual dividend in 4 years by distributing 50% of its earnings to shareholders, and the company does not plan to change its payout policy in the foreseeable future. How much is the price of a share of Precision if the discount rate is 12% (EAR)?