Consider a no-growth company (NG) whose shares are presently trading at $20 per share. The company has just announced that it plans to pay out all of its free cash flow (of $4.0 per share) in the form of a $4.00 dividend per share at the end of the year. These dividends will be maintained indefinitely. Estimate the expected value of the company’s shares after one year (P1), assuming investors require a 8% return on these shares.