Example 10: You are considering investing in Acme, Inc. Suppose Acme is currently undergoing expansion and is not expected to change its cash dividend while expanding for the next 4 years. This means that its current annual 4.00 dividend will remain for the next 4 years. After the expansion is completed, higher earnings are expected to result causing a 30% increase in dividends each year for 3 years. After these three years of 30% growth, the dividend growth rate is expected to be 2% per year forever. If the required return for Acme's common stock is 10.71%, compounded semiannually, what is a share worth today