Non-constant Growth. Aramoana Paving Ltd is a young start-up company. No dividends will be paid on the ordinary shares over the next nine years, because the firm needs to plough back its earnings to fuel growth. The company will then pay a dividend of $23 per share 10 years from today and will increase the dividend by 5% per year thereafter. If the required return on these shares is 12%, what is the current share price?