BMW Ltd is about to be listed on the share market. You determine that BMW's required return is 16.55%. Todays dividend is $1.10 and after analyzing their future prospects you forecast their dividend in a year's time will be $1.20. You expect this dividend to grow by 12% for the next two years after that and then settle down to a constant growth of 3% pa thereafter. What is a fair price for a BMW share?