Polycorp plans to pay a dividend of $6 in one year's time. Dividends are then expected to increase by a $1 a year for 5 years. After that they are expected to grow at 2% pa forever. Shareholders required return on equity is 11% pa.What is the estimated value of Polycorp shares?

(In dollars and cents accurate to the nearest cent)

Please show all the working step by step