b) Dividends of XYZ Inc. are expected to grow by 15% per year for the next three years. This will be followed by a growth rate of 10% per year for next two years. After this five-year period, the growth in dividends is expected to be 5% per year indefinitely. The required rate of return on XYZ, Inc. is 12%. Last year's dividends per share were $3.00. Required: Calculate the value of the XYZ Inc. shares today. Explain your workings. (30%)