Lara Williams is interested in purchasing the ordinary shares of Nillahcoote Ltd which is currently priced at $38.45.The company is now on a fast-growth phase and expects its dividends to grow at a rate of 23 per cent for the next 4 years from the initial dividend. The dividends will then settle to a constant-growth rate of 6 per cent. The first dividend will be paid at the end of year 3 and be equal to $4.25. If the required rate of return is 17 per cent,

What is the current value of the share?