Question: Using the multi stage divided discount model, calculate the value, today, of a share which pays no dividend as yet, but expects to pay its

Using the multi stage divided discount model, calculate the value, today, of a share which pays no dividend as yet, but expects to pay its first ever dividend of $0.50 per share in exactly 3 years from today (t=3), a dividend of $1 in year 4, and then expects the dividend to grow at 3% per annum indefinitely. The required return is 12% per annum.

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