Seymour Company paid dividends of $3 per share by the end of 2015. Seymour's dividends are expected to grow at 2% a year for the next 2 years and 5% per year in perpetuity thereafter. Its required rate of return is 10%. The intrinsic value of the firm's equity per share to two decimal places is

Why is my computation wrong

period 2: Dividend 2: 3 x 1.02 =3.06

period 3: Dividend 3: 3.06 x 1.02 = 3.1212

period 4: Dividend 4: 3.1212 x 1.05 = 3.27726

PV of $3 @ 10% = 2.73

PV of $3.06 @ 10% = 2.78

PV of $3.1212 @ 10% = 2.84

The PV of the dividends from time four ($3.27726) to infinity is 3.27726/5%=65.55

Dividend from time 4 to infinity =pv(10%, 3, 0, 65.55)-->49.25

Add ALL PV: 2.73+2.78+2.84+49.25=57.59