Karadowa is a manufacturer of boat parts and has been in business only a few years. Its board of directors decided to start paying a dividend to help boost the attractiveness of its stock. The dividend paid $0.60 per share last year. After that dividends will increase by 6 percent per year. The company has a beta of 1.8. The market rate of return is 12% and the T-bill rate is 5%. What will be the expected share price?