Chiptech, Inc.. is an established computer chip firm with several profitable existing products as well as some promising new products in development. The company earned $1.8 a share last year, and just paid out a dividend of $0.36 per share. Investors believe the company plans to maintain its dividend payout ratio at 20%. ROE equals 26%. Everyone in the market expects this situation to persist indefinitely. What is the market price of Chiptech stock? The required return for the computer chip industry is 22%, and the company has just gone ex-dividend (i.e., the next dividend will be paid a year from now. at t * 1). (Round your answor to 2 decimal placos. Omit the "$" sign In your response.) Suppose you discover that Chiptech's competitor has developed a new chip that will eliminate Chiptech's current technological advantage in this market. This new product, which will be ready to come to the market in 2 years, will force Chiptech to reduce the prices of its chips to remain competitive. This will decrease ROE to 22%, and, because of falling demand for its product. Chiptech will decrease the plow back ratio to 0.7. The plowback ratio will be decreased at the end of the second year, at t = 2: The annual year-end dividend for the second year (paid at t = 2) will be 30% of that year's earnings. What is your estimate of Chiptech's intrinsic value per share? (Round your answers to 2 decimal places. Omit the "$" sign In your response.)