Floyd looking at a market and find 1) earnings for the past year were $1,250 per share, 2) the growth rate in earnings is expected to be 3.0% for the next FOUR years and 3) a reasonable PE ratio at the end of year 3 is assumed to be 18. The required return is 10%. If fair value today is the PV of expected future earnings, whats fair value today? (4 pts)