Question 17 SPLISH Ltd. had earnings per share of $4 as at December 31, 2015, but paid no dividends. Earnings were expected to grow at 16.1 percent per year for the following ve years. SPLESH Ltd. will start paying dividends for the rst time on December 31, 2020, distributing 50 percent of its earnings to shareholders. Earnings growth will be 5 percent per year for the next six years (that is, from January 1, 2021 through to December 31, 2026}. Starting on December 31, 2026, SPLISH Ltd. will begin to pay out 80 percent of its earnings in dividends and earnings growth will stabilize at 2 percent per year in perpetuity.The required rate of return on SPLISH stock is 10 percent. What should be the current share price of SPLISH? (Round intermediate calculations to 6 decimal places, e.g. 15.612125 and the nal answer to 2 decimal places, e.g. 15.61.)