Pennzoil Co. is now earning $20 per share. And the earnings are expected to grow at 10% over the following five years. After that, the earnings will grow at 4% forever. In order to save money for valuable projects, Pennzoil Co. has decided to suspend dividends for the next four years. It will resume its annual cash dividend in year 5 and pay out 30% of its earnings as dividend each year. Suppose the discount rate on Pennzoil's stock is 8%, what is Pennzoil's current share price