A share may be valued based on the discounted value of the cash flow that the shareholder receives as dividends, in perpetuity.

Suppose a share is expected to pay you a dividend of $3.76 one year from now. Thereafter, the dividend will grow at 1.7% per annum, in perpetuity. If the relevant discount rate is 13.5% p.a. (effective), the shares value today is (to the nearest cent; dont include $ sign or commas):