An analyst is reviewing the valuation of DuPont (NYSE: DD) as of the beginning of October 2007 when DD is selling for $50. In the previous year, DuPont paid a $1.48 dividend that the analyst expects to grow at a rate of 10 percent annually for the next four years. At the end of year 4, the analyst expects the dividend to equal 40 percent of earnings per share and the trailing P/E for DD to be 14. If the required return on DD common stock is 10.5 percent, calculate the per-share value of DD common stock.