XYZ, Inc. declared on January 1, 2015, that it will pay a cash dividend of $1.00 per share at the end of 2015. Analysts expect that DPS (dividends per share) will grow at a rate of 20% each year for 2016 and 2017, and at 4% a year thereafter. Dividends are paid annually. Shareholders required rate of return is 15% per year in 2016 and 2017, and 8% thereafter. What is the share price on January 1, 2015?