Bryce printing has a dividend of $0.64 in the year 1998 and this dividend has grown to $1.55 in year 2006. It is estimated that this company cannot continue at this high growth and has reached the normal growth stage where the normal growth rate will be 60% of the historical growth rate. The risk free rate is 3.64% and the market risk premium is 4.52%. the beta of the stock during the normal growth is estimated as 1.05. Calculate the value of the shares of Bryce printing.