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Mallard Ltd expects to pay no dividends for the next four years. It has projected a growth rate of 35 percent for the next four
"Mallard Ltd expects to pay no dividends for the next four years. It has projected a growth rate of 35 percent for the next four years. After four years, the company will grow at a constant rate of 6 percent. Its first dividend to be paid in year 5 will be worth $4.25. If your required rate of return is 20 percent, what is the share worth today?"
The answer to this question is $14.64 but I don't understand how to get that answer?
How do I work out this question? Please assist!
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