Problem: A fast$-$growing company is currently reinvesting all of its profits into new project $($that is$,$ it is retaining all of its earnings, and paying no dividends$).$ You expect that this company will maintain this high$-$growth phase, with no dividends, for the next ten years. Eleven years from now, you believe the company will pay its first dividend, of $$4\mathrm{.}00$ per share. Thereafter, you believe the company will maintain a $4\%$ rate of dividend growth forever. If the required return for this company$$s stock is $11\%,$ what would you be willing to pay for a share of this stock today? Answer: $$20\mathrm{.}12$ Can you explain how they got this answer?