Stamford Pte Ltd has invented new anti-money loundering software. Given the market response to this product, Stamford is reinvesting all of its earnings to expend its operation. Earning were $3 per share this past year and are expected to grow at a rate of 25% per year until the end of the year 4. At that point, other companies are likely to bring out competing products. Analysis project that at the end of the year4, Stamford will cut its investment and begin paying 70% of its earning as dividends. Its growth will also slow to a long-run rate of 5%. If Stamfords equity cost of capital is 9%, what is the value of a share today.