Silly Trophy Toys, Inc., expects to pay out the following dividends: $1 each of 9 months, 12 months, 15 months, and 18 months from today; each subsequent dividend paid every three months will be 8% higher than the dividend payment from 12 months before. These dividends are expected to continue forever. What is the total present value of all of these dividends if the effective annual discount rate for this stock is 18%?Silly Trophy Toys, Inc., expects to pay out the following dividends: $1 each of 9 months, 12 months, 15 months, and 18 months from today; each subsequent dividend paid every three months will be 8% higher than the dividend payment from 12 months before. These dividends are expected to continue forever. What is the total present value of all of these dividends if the effective annual discount rate for this stock is 18%?

The answer is $39.22, please explain why, thanks!