A company is expected to experience growth in three stages in the future. Most recent dividend is 0.90 USD per share. Following information has been given: High Growth period Duration Dividend growth rate : 3 years :30% Shareholders required return : 20% Transition period Duration : 3 years Dividend growth rate Shareholders required return :9% (for transition period only) :20% Constant growth period Dividend growth rate :3% Shareholders required retum : 10% What is the present value of equity? (10 Points)