The Saffron Petal Hotel expect an earnings per share of $9 in the coming year. Investors require a 19% required rate of return. The Saffron Petal Hotel expects to grow in the future at 7% and, therefore, wants to retain 60% of its future earnings (this retention will remain constant in the future). These earnings can be reinvested, bearing 17 percent return on equity (this expected return on equity will remain unchanged in the future). Based on this information, the value of the common stock of the Saffron Petal Hotel is equal to