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Dividends per share, past 7 years (600,000 shares at $10 per share) 1997 $ - 1998 $ - 1999 $ 0.62 2000 $ 0.68 2001
| Dividends per share, past 7 years (600,000 shares at $10 per share) | ||||
| 1997 | $ - | |||
| 1998 | $ - | |||
| 1999 | $ 0.62 | |||
| 2000 | $ 0.68 | |||
| 2001 | $ 1.25 | |||
| 2002 | $ 1.29 | |||
| 2003 | $ 0.66 | |||
| Sales Growth Rate (5 year) | 16% | |||
| Earning Growth Rate (5 year) | 9.80% | |||
| Treasury Bond Rate | 3.90% | |||
| Return on a Broad Market Index | 10.74% | |||
| Beta (adjusted pure play) | 1.58 | |||
Question: Based on the information provided in the case, determine a value for the new shares for the IPO
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