Question: Greshak Corp. forecasts its dividends to be $4.00 per share next year, $4.50 per share in two years, and $5.00 per share in three years.

Greshak Corp. forecasts its dividends to be $4.00 per share next year, $4.50 per share in two years, and $5.00 per share in three years. After the third year, dividends are anticipated to grow at a constant sustainable rate of 4.0% per year. If Greshaks cost of capital is 12.0% and its applicable tax rate is 30.0%, what is the estimated share price for the company's common equity? YOU MUST USE AT LEAST 4 DECIMAL PLACES IN ALL CALCULATIONS AND SHOW ALL WORK TO RECEIVE CREDIT.

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