A company pays semi-annual dividends. The next dividend (in 6 months) is expected to be $2, and

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A company pays semi-annual dividends. The next dividend (in 6 months) is expected to be $2, and this is expected to grow at an APR of 4% p.a. or 2% every 6 months in perpetuity. If the equity cost of capital is 9% p.a., what is the value of the share?