Polycorp has a dividend of $5.00 due in a years time and is expected to pay a dividend $5.60 at the end of the second year. Its dividend is expected to grow at 7% pa for the following two year. Dividends are then expected to grow at 4% pa for another two years, after which they are expected to grow at 3%pa forever. Shareholders required return on equity is 11% pa. What is the current price (ex-dividend) of Polycorp shares? D₀ is $4.