am A start-up in the pharmaceutical sector will not pay any dividends for 3 years. At the end of the third year however, it is expected to pay a dividend of $0.30. This dividend should then grow at a rate of 12% for 6 years, and at a reduced rate of 6% thereafter. The market required rate of return for similar high growth start-up companies is 16%. Estimate the price of the company's shares today