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Metal Inc. has not issued a dividend. It is management's intention to do so beginning three years from today. The initial annual dividend is expected

Metal Inc. has not issued a dividend. It is management's intention to do so beginning three years from today. The initial annual dividend is expected to be $3.00. Over the subsequent three years the annual dividends are expected to grow by 15% per year and then 10% per year for 4 years before slowing to a permanent growth rate of 3.5% per year. Determine the value (as of today) of the dividends that are the result of non-constant growth. Assume the cost of capital for Metal is 10% per year.
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