Bokke's

management anticipates that, after five years of paying a constant

dividend of R2 per year, they will be able to secure new markets. Management

thus feels that, commencing with the dividend in year 6, dividends should grow

at a rate of 20% per annum for two years (i.e., in years 6 and 7); then there

should be 18% growth for one year (i.e., in year 8), settling down thereafter to

a constant growth of 10% per annum indefinitely. The required return has

increased to 20% per annum.Calculate the price of Bokke

's shares today.