Apple, Inc. is paying a dividend of $0.88 in 2021. This dividend is expected to grow at 18% each of the next five years. Starting 2027 on forever, the growth rate of dividends is expected to slow down to 6.5%. The appropriate discount rate (return on a similar substitute) is 8%.

What is the value of each share of Apple at the end of 2021? (Do not include the year 2021 dividend in this valuation).