Consider the following information which relates to a given company: Item 2019 Value Earnings Per Share $6.28 $35.68 Price Per Share (Common Stock) Book Value (Common Stock Equity) Total Common Stock Outstanding $64.47 Million 2.4 Million Dividend Per Share $4.09 Analysts expect that the company could maintain a constant annual growth rate in dividends per share of 6.93% in the future, or possibly 8.91% for the next 2 years and 6.38% thereafter. In addition, it is expected that the risk of the firm, as measured by the risk premium on its stock, to increase immediately from 8.53% to 12.21%. Currently, the risk-free rate is 5.58%. Required: Assuming a constant annual 8.91% growth rate in dividends per share over the next two years and 6.38% thereafter, find the value per share of the firm's stock. The required return is 16.13%. $