Operates in the pharmaceutical industry. The company is working on finding a vaccination for COVID 19 that does not need to be repeated every six months or so. The company's fiscal year end is April 30th and the company just announced its earnings for the fiscal year of 2020 as $4 per share. Since they are in the testing/approval stage of this vaccination, all company earnings are reinvested in company operations. The company executives think that this stage will be completed in 2 years. After this stage completed, the company will need another year to start mass production and worldwide sale of its vaccination. Company earnings are expected to increase by 4% per year until worldwide sale of its vaccination. The demand for this vaccination is expected to be quite high at the beginning. Therefore, the earnings of the company are estimated to increase by 50% per year in the first 4 years after worldwide sale of vaccination started and then at 20% per year for another 3 years. After that, the earnings of the company are expected to grow at the normal rate of 4% per year forever. The company will start distributing 40% of its earnings as dividends at the end of year 5. Since the companys operations are perceived to be very risky in the first 8 years, investors will require a return of 22%. After that the required rate of return for this company stock will decrease to 14%.

Determine the value of Company As shares today? Please do not use excel, just formulas.