Opal Ltd has just paid a dividend of 30 cents per share. The shareholders required rate of return is 14% per year. Opal Ltd has decided that no dividends will be paid out for three years. Instead, the funds will be reinvested in an expansion project during those years. The company expects to pay a dividend of 50 cents in year 4, and dividends are expected to grow by 6% per annum thereafter. Calculate the market value of one share in Opal Ltd.

answer should be 4.24