Pet Care Pty. currently has a rate of return on capital (ROC) of 10% and is expected to be able to maintain that in perpetuity. The company has a debt-to-equity ratio of 1, a corporate income tax rate of 50% and pays 8% before-tax interest rate on its debt. Pet Care Pty. is expected to have an earnings per share next year of $1 and is expected to have a dividend-payout ratio of 50% in perpetuity. Shares in Pet Care Pty.'s stock are forecast to have a levered beta=2. The risk-free rate is currently equal to 1% and the market risk premium is equal to 6%. According to the dividend discount model, Pet Care Pty.'s intrinsic equity value per share must be equal to?