Prospective Laboratories Ltd (PLL) has developed a new treatment for a serious skin disease. It will take three years to receive the necessary approvals for the treatment to be used in hospitals. PLL is expected to be profitable in its fifth year and to pay a dividend of $1.00 per share at the end of that year. Thereafter, dividends are expected to grow at 5% pa, indefinitely. The required rate of return is 16%pa. The price of a PLL share today is closest to: \begin{tabular}{|r|} \hline$4.54 \\ \hline$4.33 \\ \hline$5.02 \\ \hline$9.09 \\ \hline \end{tabular}