Big Hopes$,$Inc$.,$ has a huge growth opportunity and is reinvesting all of its earnings to expand its$$ operations, so it is NOT currently paying dividends$($but it expects to start paying them$$ eventually$).$

Earnings were $$$$3\mathrm{.}00$per share this past year and are expected to grow at a rate of $30\%$ per year through Year $4.$ Thus, E$4=$$$3\mathrm{.}00*(1\mathrm{.}30)^4=$ $ $8\mathrm{.}57$

In Year$4,$ analysts project that Big HopesBig Hopes will cut its investment and begin paying out $60\%$ of its earnings as dividends. Its growth will also slow to a$$ long$-$run rate of $3\%.$

If Big HopesBig Hopes$$s equity cost of capital is $9\%,$ what is the value of a share$$ today?

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