Company Z's earnings and dividends per share are expected to grow indefinitely by 2% a year. Assume next year's dividend per share is $20 and next year's EPS is $5. The market capitalization rate is 10%. If Company Z were to distribute all of its earnings, it could maintain a level dividend stream of $5 a share. How much is the market actually paying per share for growth opportunities?

Present value growrth opportunity: