The current dividend of Company A is R$1\mathrm{.}50$ and the required return on equity is $12\mathrm{.}4\%.$

You believe that Company A is expected to grow at a higher rate of $20\%$ for the next four

years and then grow at a rate of $7\%$ after that. Using the two$-$stage dividend discount

model, calculate the intrinsic value of Company A$.$