JAH Ltd does not currently pay a dividend, but you expect that it will begin paying $0.50 per share dividend at the end of year 2. The dividend is expected to grow at 20% per year for 3 years, and then slow to a sustained growth rate of 4% per year thereafter. The market opportunity rate for investor in JAH shares is 13% p.a. What is the price per share today that you expect JAH shares to sell at?

Please use the formula to solve it. Not just using the Excel