Company Z have just paid an annual dividend of $0.55. You receive a report from an advisor, who informs you that shares in Company Z are expected to pay dividends of $1.00 and $1.20 at the end of each of the next 2 years. This dividend is then expected to remain constant for the next 3 years (ending year 5), and to grow continuously at 5% p.a. thereafter. The appropriate discount rate is 10%.

What is the present value of the dividends expected in Year 3 to 5 (inclusive)?