Germie Corporation has just developed a germ-proof antiseptic pacifier. The pacifier must go through a lengthy approval process before it can be marketed. For this reason, you forecast that Germie shares will not pay regular dividends for 7 years. In year 8, Germie shares will pay $2 per share, and these dividends will grow at an annual rate of 3%. In addition to the regular dividends, you forecast that Germie will pay a one-time special dividend of $20 per share in year 10. The appropriate interest rate for Germie is 7%, simple annual rate.

Calculate the fundamental value of Germie Shares.