Please explain how the highlighted "1.30" was achieved.

Q3. You are convinced that the dividends of Nigel Enterprises' common stock will grow at its historical average growth rate in the future. Using the historical dividend information provided below to calculate the constant growth rate, and a required rate of return of 18%, estimate the price of Nigel Enterprises' common stock. 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $0.35 $0.45 $0.51 $0.65 $0.75 $0.88 $0.99 $1.10 $1.13 $1.30 Let the growth rate of dividend beg, 0.35 x (1 + g) = 1.30 1 (1.309 1, g = 15.70% 10.35 g = - P = 1.30 x (1 + 15.70%) (18% 15.70%) = 65.40