According to the 2020 prospectus of Global Sciences Ltd the firms planned dividend policy is to pay no dividends for the next several years due to a substantial R&D program. The firm anticipates paying a $0.20 dividend in 2025. This dividend is expected to continue increasing at a 4% annual rate indefinitely. If the appropriate discount rate is 18%, what is todays theoretical share price for Global Sciences LTD (i.e., in 2020)?

Please do not use excel. Please show which formulas you are using. Please show your calculations using formulas.