The Digital Electronic Quotation System $($DEQS$)$ Corporation pays no cash dividends currently and is not expected to for the next five years. Its latest EPS was $$17\mathrm{.}50,$ all of which was reinvested in the company. The firm$$s expected ROE for the next five years is $17\%$ per year, and during this time it is expected to continue to reinvest all of its earnings. Starting in year $6,$ the firm$$s ROE on new investments is expected to fall to $12\%,$ and the company is expected to start paying out $45\%$ of its earnings in cash dividends, which it will continue to do forever after. DEQS$$s market capitalization rate is $24\%$ per year.

What is your estimate of DEQS$$s intrinsic value per share if you expected DEQS to pay out only $25\%$ of earnings starting in year $6?$