You are considering the purchase of shares of Titania. But you do not know what the fair price would be. So you use the dividend discount model knowing that you will receive a dividend of $4.45 per share one year from now and you expect that dividend to grow at 4% for an additnal eight years [years 2-9, through the 9th dividend payment]; and then be flat in Year 10 and thereafter. Your assumed discount rate is 11%. 

What is each share of Titania worth today?