A company has issued 6 million ordinary shares. The company has just paid a dividend of $3.5 million. That dividend is expected to grow at a rate of 23 percent per annum for the next three years, then at a rate of 15 percent in the 4th year and at a rate of 4.31 percent per annum forever after that.

Assuming a required rate of return of 13.97 percent, calculate the current market price of the share.

Explain the impacts of the dividend growth rate on the share valuation (Use max of 200 words for the explanation in the report).