Current dividend per share is Rs 5, growth expected during the next three years is 15 %

p.a., thereafter, for three years, the dividend are expected to grow at the rate of 10% per annum

and then the dividends are likely to grow at a constant rate of 7 % p.a., If an investor expects a

return of 20% p.a., find out what is the value of these shares for this investor.