EM is expected to gain a $1.40 EPS next year, dividend payout ratio will be 60 percent. The dividend is expected to grow at a 35 percent annual rate for Year 2, at a 30 percent for Year 3, at 18 percent annually for the next 5 years, and at constant percent annually after it . ROE for long term period of time is 15 percent. If the required rate of return is 12 percent, what is the value per share