anuary 1st XYZ Inc., which pays annual dividends, had EPs at the end of this past year of $4.00 just paid). You expect EPS to grow at 20% per year for the It is J (the dividend based on these earnings was next 2 years, and then slow to a constant annual growth rate of 5%. If XYZ maintains a dividend payout ratio of 60% and has a cost of equity capital of 14% (EAR), what should be the fair value of one share of its stock today (assume a new buyer receives their first dividend in 1 year)