Fogell Enterprises is a distributor of superbad tasting Goldslick Vodka. They are expected to earn $12.20 per share in the coming year and they have a policy of retaining 18% of profits to fund future growth. Fogell earns a permanent 19% return on any retained earnings plowed back into the business in the following year (i.e. ROE = NIt/Et-1). Investors currently demand a 15% return on similar risk investments. What percentage of the current share price is comes from the value of their growth opportunities (i.e. what is PVGO/Price)?