Tata Inc., produces Bata shoes for the local market. Each pair of shows sells for $120. Just recently the company purchased some advanced manufacturing equipment which enabled them to reduce the costs to produce these shoes down to $85 per pair. The company had a wonderful year last year selling 18,500 pairs of shoes. The company incurred $58,000 in operating expenses and saw its corporate tax rate increased to 35%.

At the end of the period, the company had 50,000 shares outstanding, and a dividend payout ratio of 40%. The forecast consensus is that the dividend will continue to grow at 5%, and that the required rate of return for similar risk asset is 15%.

Based on the information above, use the Dividend Growth Model to find the price of the companys shares.