John Hancock Insurance Company paid an annual dividend of $1.45 per share in 2009. We expect John Hancock to increase its dividend by 9.5% for the next 3 years, by 10.5% per years for the next 2 years and thereafter by 3% per year. If the appropriate cost of equity capital for John Hancock is 8% per year, use DDM to estimate its value per share in 2009