Arcturus (Pty) Ltd has just paid a dividend of 25 cents per share. The shareholders required rate of return is 13% per year, Arcturus (Pty) Ltd has decided that no dividends will be paid out for two years. Instead, the funds will be reinvested in an expansion project during those years. The company expects to pay a dividend of 45 cents in year 3, and dividends are expected to grow by 8% per annum thereafter. Calculate the current market value of one share in Arcturus (Pty) Ltd. State your answer in rands (R), rounded to two decimal places.