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 $$10\mathrm{.}50,$ all of which was reinvested in the company. The firm's expected ROE for the next five years is $19\%$ 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 $14\%,$ and the company is expected to start paying out $25\%$ of its earnings in cash dividends, which it will continue to do forever after. DEQS's market capitalization rate is $19\%$ per year.

Required:

a$.$ What is your estimate of DEQS's intrinsic value per share?