I am re-posting this question as the Expert Answer I received is not correct.Please see the answer given.

QUESTION - Metallica Bearings, Inc., is a young start-up company. No dividends will be paid on the stock over the next nine years because the firm needs to plow back its earnings to fuel growth. The company will pay a $12 per share dividend 10 years from today and will increase the dividend by 6 percent per year thereafter. If the required return on this stock is 11 percent, what is the current share price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Expert Answer -- Price of the stock at the end of the 10 th year=Dividend(1+growth rate)/(Required rate of return -Growth rate) =$12(1+.06)/(.12-0.06)=$12.72/0.06=$212 so current share price=$212*Pv of 10 th year @11%=$212*0.3522=$74.6664

My Comment: It looks like the computation given ignores the dividend given at year 10. I can't figure out where it's wrong, but the answer proviided is not correct. Also, I can follow the computation until the end $212*0.3522=$64.6664. Where did the 0.3522 come from? Any further assistance would be appreciated.