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( Estimated time allowance: 7 minutes ) OneNo Corp. is start - up company and therefore is not paying dividends for the next 6 years.

(Estimated time allowance: 7 minutes) OneNo Corp. is start-up company and therefore is not paying dividends for the next 6 years. At the following year, OneNo Corp. will start paying an annual dividend of $6 per share per year until year 18(this is a period of 0% growth in dividends). Thereafter, it will increase the dividends by 3% per year forever. The required rate of return on this stock is 11%.
What is the present value of dividends received during the 0% growth in dividends?
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