d) A share will pay its first dividend of $2.50 in 3 years. The annual dividend will grow 10% p.a. for 2 years until the end of year 5 . After that, the annual dividend will grow at a constant rate of 3% p.a. for the foreseeable future. The rate of return is 13% p.a. effective. Calculate the price of the share today using the dividend discount model (DDM). (Round your answer to the nearest cent.) (4 marks)