In the following table you are given for a company the earnings per share and the dividend per share for the last three years: Year Earnings per share Dividend per share €0.03 2019 €0.15 2020 €0.18 €0.036 €0.042 2021 €0.21 According to the estimates of the financial department of the company, the expected earnings per share for 2022 will be €0.24 and for 2023 will be €0.27. The profit growth rate from there on is expected to be 8% per year. If the required return from investors to buy a share with a risk equal to that of this company is 11%, what is the economic value of the share at the end of 2021 with the assumption that the percentage of profits distributed as a dividend remains constant?