The company operates in the pharmaceutical industry, produces and sells painkillers. Since the product of the company is quite standard, there has been no growth in company earnings, hence its dividends in the last 20 years. The company executives decided to emphasize the research and development activities to generate growth for their shareholders. The research and development department of the company started working on a new generation of painkillers. Today these new painkillers are in the final testing and approval phase. The company executives hope to obtain the approval of the Health Department and start worldwide sale of these painkillers in 4 years. During this period, there will be no growth in company earnings. Once the company starts selling the new generation of painkillers worldwide, company earnings will grow at a constant rate of 4% per year forever. The company's fiscal year end is April 30th and the company paid $4 per share as dividends on that day. This dividend is 80% of company earnings on that day. The company executives plan to pay $4 dividends per share in the next 2 years as well. After that, the company will stop paying any dividends until the third year of worldwide sale of painkillers. In that year, company will pay $4 as dividends per share again. After that company will pay 60% of its earnings as dividends. The required rate of return for this company shares is 14% per year forever.

Determine the value of the companys shares today.