An all equity finance firm just reported EPS of $5 per share for 2017. Despite the economic downturn, the company is confident regarding its current investment opportunities. But due to the financial crisis, it does not wish to fund these investments externally. The board has therefore decided to suspend its stock repurchase plan and it cut its dividend to $1 per share and retain the funds instead. The firm has just paid 2017 dividend, and it plans to keep its dividend at $1 per share for 2018 as well. In subsequent years, it expects its growth opportunities to slow and it will still be able to fund its growth internally with a target 40% dividend payout ratio, and reinitiating its stock repurchase plan for a total payout rate of 60%. (All dividends and repurchases occur at the end of each year). Suppose that the firm's existing operations will continue to generate the current level of earnings per share in the future. Assume further that the return on new investment is 15%, and that investments will account for all future earrings growth (if any). Finally, assume that the cost of equity is 10%. What is the value of a share of the company in early 2018?