When a stock is going through a period of nonconstant growth for T periods, followed by constant growth forever, the residual income modelcan be modified as follows: PO $=$ TEPSt $+$ Bt$-1-$ Bt $+$ PT $2(1+$ k$)$t $(1+$k$)$T $=1$ where PT $=$ BT $+$ EPST $(1+$g$)-$BT$\backslash$times kk$-$g Al's Infrared Sandwich Company had a book value of $$18\mathrm{.}00$ at the beginning of the year, and the earnings per share for the past year was $$7\mathrm{.}41.$ Molly Miller, a research analyst at Miller, Moore & Associates, 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 Al's

Infrared Sandwich Company? $($Do not round intermediate calculations. Round your answer decimal places.$)$