You have the following information for company:

• Current level of earnings per share (EPS) is $4.00.

• Long-term policy of retaining 30% of its earnings.

• Return on reinvested funds is 12%

• Investor's required rate of return for similar firms is 10%.

• The shares of comparable firms sell at P/E multiples of 12 times forward (i.e., projected period 1) earnings per share.

 Using the constant growth dividend model, calculate the price per share of the company's stock