Jasmine Group (JSG) Ltd has not paid any dividends previously and expects to pay its first semi-annual dividend of $0.5 per share in one years time. JSG expects the earnings per share to grow at 10% per year compounded annually for two years from today before reverting to a growth rate of 6% per year compounded annually forever. JSG maintains a constant payout ratio. The shareholders of JSG require a return of 12.23% per year compounded monthly. What is the fair value of JSG's share price?

Any intermediate steps should be rounded to 4 or more decimal places. Provide your FINAL answer to the nearest dollar and exclude the dollar sign ($). For example, $10,784.6518 should be input as 10785.