General Electric Co. reported a per-share book value of $10.47 in its balance sheet on December 31, 2004. In early 2005, analysts were forecasting consensus earnings per share of $1.71 for 2005 and $1.96 for 2006. The required return for equity is 10 percent. The dividend payout ratio for 2005 is expected to be 50 percent of earnings. Calculate the value per share in early 2005 with a forecast that residual earnings will grow at a long-term growth rate of 4 percent, the average GDP growth rate, after 2006.