Using the P$/$E ratio approach to valuation, calculate the value of a share of stock under the following conditions:

The investors required rate of return is $12\%$

The expected level of esrnings at the end of this year is $$4$

The firm follows a policy of retaining $30\%$ of its earnings

The return on equity is $15\%$

Similar shares of stock sell at mulitples of $9\mathrm{.}333$ times earnings per share