3. A major pharmaceutical company is close to finishing developing a vaccine for a new virus that is spreading rapidly around the world. The company expects to pay its first dividend of $5 per-share a year from now (year 1), and is projecting dividends to grow at 10% p.a. for the following four years. However, from that point (i.e.,from year five) it is expected that the need for vaccination will decline, and consequently dividends are expected to decline by 8% p.a. thereafter. How much should you be willing to pay for a share of stock in this pharmaceutical company if you require a 7% p.a. rate of return