Multi-stage DCF. A company that earned $10.00 per share last year paid out 40% of its earnings as dividends, and they are expected to maintain this payout rate in the future. Over the next three years the earnings and dividends will grow at 20%, 15% and 10%, respectively. Beginning in year 4 the growth rate will be a constant 5%. The required return on equity is 9%. Compute the current value per share.