Analysts announced estimated earnings per share of $4 for the coming year for O Zone Company. The company plans not to pay any dividends for the next three years. For the subsequent two years, the company plans on retaining 50 percent of its earnings, and then 25 percent of its earnings from that point forward. The table summarizes this plan along with the assumed growth rates:

Year	Earnings	Dividend	Growth
1	4	0	0.2
2	4.8	0	0.2
3	5.76	0	0.2
4	6.34	3.17	0.1
5	6.97	3.48	0.1
6+	7.32	5.49	0.05

If the required rate of return is 12 percent, then the price is: