(Super-normal growth) ABC Corp. has just paid a dividend of $3 per share. You—an experienced analyst—feel quite sure that the growth rate of the company’s dividends over the next 10 years will be 15% per year. After 10 years you think that the company’s dividend growth rate will slow to the industry average, which is about 5% per year. If the cost of equity for ABC is 12%, what is the value today of one share of the company?