In light of recently announced potential changes to the dividend tax credit you are looking at increasing your dividend (from the $6 just paid shareholders) to $9 in the coming year. You expect to be able to grow the coming dividend at an annual rate of 10% for the next 12 years after which point you expect to be able to grow dividends at an annual rate of 1%. Assume that the market requires a 16% return.

Determine the value of the shares