When a stock is going through a period of nonconstant growth for T periods, followed by constant growth forever, the residual income model can be modified as follows:

P$0=$Tt $=1$EPSt$+$Bt$1$Bt$(1+$k$)$t$+$PT$(1+$k$)$T

where:

PT$=$BT$+$EPST $(1+$g$)$BT$\backslash$times kk$$g

Al$$s Infrared Sandwich Company had a book value of $$18\mathrm{.}00$ at the beginning of the year, and the earnings per share for the past year was $$4\mathrm{.}41.$ Molly Miller, a research analyst at Miller, Moore & Associates, estimates that the book value and earnings per share will grow at $14\mathrm{.}00$ and $12\mathrm{.}50$ percent per year for the next four years, respectively. After four years, the growth rate is expected to be $6$ percent. Molly believes the required return for the company is $8\mathrm{.}80$ percent. What is the value per share for Al$$s Infrared Sandwich Company?