Analysts have forecasted that next year's dividend per share for Bacall plc will be 150 cent. They also forecast that the short-run growth rate in dividends will be 5% per annum until the end of year 4. From year 5 dividends are anticipated to grow at 2% per annum indefinitely. The cost of capital of Bacall is 6%. What is the value of a share in Bacall?