Pinnacle Financial, a large financial service firm, has just reported the following year$-$end results:

Selected Reported Year$-$End $2022$ figures $($in $$ millions except per share data$)$:

Net Income

$12,500$

Book Value of Equity

$62,000$

Earnings per share $($EPS$)$

$$0\mathrm{.}36$

Dividends per share $($DPS$)$

$$0\mathrm{.}14$

These results reflect Pinnacle$$s first year of earnings growth following an extended period of depressed earnings. The company is expecting this recovery in earnings growth to continue for the next eight years before transitioning $($linearly$)$ to stable growth of $5\mathrm{.}0\%$ per annum over following $5$ years.

Pinnacle$$s beta is expected to be stable at $0\mathrm{.}85$ throughout. The risk$-$free rate and the market risk premium are expected to be $2\mathrm{.}0\%$ and $5\mathrm{.}5\%,$ respectively.

Estimate Pinnacle Financials$$ share price using the dividend discount method $($DDM$).$ State any assumptions.