Calculate the Present Value of Growth Opportunities $($PVGO$).$

Medtronic is expected to earn $$5\mathrm{.}66$ next year. The company has a discount rate of $12\%$ and is able to reinvest its earnings at an ROE of $15\%.$ Currently, the company pays out all earnings in the form of a dividend. How much could they boost their stock price if they lowered their payout ratio to $52\%?$

Hint: see slides $43-45.$

Note: Enter your answer with two decimals and without the $ sign. That is$,$ if your answer is $$50\mathrm{.}514$ then enter $50\mathrm{.}51.$