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:

where:

$P_T=B_T+\frac{EP{S}_{+}(i+p)-B_{4}K}{k-R}$

Al's Infrared Sandwich Company had a book value of $$18\mathrm{.}00$ at the beginning of the year, and the earnings per share for the past year was $$7\mathrm{.}41.$ Molly Miller, a research analyst at Miller, Moore & Associotes, estimates that the book value and earnings per share will grow at $18\mathrm{.}50$ and $17\mathrm{.}00$ 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 $10\mathrm{.}60$ percent. What is the value per share for Ar's Infrared Sandwich Company?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

Value per share