Pal Ltd. earnings and dividends have been growing at the rate of 8% per annum. This growth rate is expected to continue for 3 years. After that the growth rate would fall to 6% for the next three years. Beyond that the growth rate is expected to be 2% forever. If the previous years dividend was INR 2.50 and the investors required rate of return on the stock of Pal Ltd. is 18%, how much should be the market value per share of Pal Ltd.s equity stock?