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Because of many reinvestment opportunities, your investment company is not expectedto pay any dividends for the next 3 years.Beginning 4 years from today, investors expect

Because of many reinvestment opportunities, your investment company is not expectedto pay any dividends for the next 3 years.Beginning 4 years from today, investors expect to receive a dividend of $2 per share for 3 years and then a dividend of $4 per share for each of the next 5 years.Then dividends are expected to grow at 4% per year forever.If investors require a 12% return, what is the price per share?

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