Question: Suppose that an analyst believes that Google (GOOG) will begin paying dividends in 4.00 years. At that time, the analyst expects Google to have a

Suppose that an analyst believes that Google (GOOG) will begin paying dividends in 4.00 years. At that time, the analyst expects Google to have a dividend payout rate of 60.00%, while the rest of earnings will be re-invested in the business. Currently, earnings per share for the company is $35.50. Analysts expect EPS to grow at 19.00% per year for the next 4.00 years. At that time, earnings growth will slow down to 5.00% per year. If investors in Google seek a 12.00% annual return, what is the value of a share today? (assume that the analyst is correct!)

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