Natures Friend Co. is a young eco-friendly paper, personal care, and cleaning product company that newly listed on the TSX Venture Exchange. Because the company is growing at a significantly high rate, management would like to reinvest all profits generated over the next 7 years back into operations, as such, no dividend will be paid over this period. The company however expects to pay dividends after that, starting with a $1.50 dividend at the end of year 8. The company also expects to be able to keep the dividends growing at the pace of the earnings, at 25% for the 5 years after the first dividend (years 9 to 13), lowering slightly to 20% for the following 2 years, and then stabilizing at a sustainable growth rate of 5% thereafter. Because of the high risk of the young companies like Natures Friend, investors required a rate of return of 20% on their investment.

How much would you be willing to pay for Natures Friend Co.s shares?