Norah Inc. has just paid an annual dividend of 1.99. Analysts forecast a 6% per year increase in company's profits over the next four years. Beyond that, Norah Inc.'s profits are expected to grow at the industry average rate of 4.6% per year.

If Norah Inc.'s cost of equity is 8.2% per year and its dividend payout ratio remains constant, at what price should Norah Inc.s shares be sold using the dividend discount model?