QUESTION $3$

$10$ po

Cascade Software, a growing tech firm, has just distributed a dividend of $$3\mathrm{.}00(D_0=$$$3\mathrm{.}00).$ Over the next $3$ years, the company expects to experience an aggressive growth phase with dividends growing at $20\%$ annually. After this period, the growth rate is anticipated to normalize to a steady $5\%$ per year as the company matures. The investment community requires a $10\%$ return to invest in Cascade Software given its current risk profile.

Calculate Cascade Software's value at the start of the constant growth phase. $($Hint$,$ P$\_$Hat$\_3$ or $H{V}_3$ or $P_3)$