You now decided to change your assumptions about Ansell Limited (ANN). You expect the dividend to increase by 10 percent declining linearly over 4 years to 8 percent -that would become a final and perpetual growth rate. The other assumptions stay. The stock price is A$9.74. The companys dividend per share for the fiscal year ending 30 June 2008 was A$0.27 (D0). You estimate the required return on equity of Ansell Limited to be 12 percent.

Estimate the value of ANN using an H dividend discount model. Round to two digits.