A REIT has an NOI of $15 per share. It paid a dividend of $10 per share last year. The dividend is projected to increase by 4 percent this year and continue to increase by 4 percent per year thereafter. Assuming that the blended cap rate is 9.75 percent and the required rate of return is 10.5 percent, what would the net asset value (NAV) per share of the REIT be if total liabilities are $40,000 and there are 1,000 shares outstanding?