Golden Oil (GO) expects to have earnings per share of $3.50 in year 1. GO decides to retain all of its earnings for years 1 and 2. For the next 3 years, GO will payout 40% of its earnings as dividends. GO will then payout 70% of its earnings as dividends from that point onward. Each year, retained earnings will be invested in new projects with an expected return of 15% per year. In other words, the return on equity is expected to be 15% per annum for each year. Assume GO's shares outstanding remains constant and all earnings growth comes from the investment of retained earnings. If the required rate of return on GO shares is 10%, what price would you estimate for GO shares?