The table below shows projected earnings and dividends for XYZ Corporation, which is slowly regaining financial health after a difficult period. The company's equity is

growing at 4%. Return on Equity in year 1 is 4%, however, so XYZ has to reinvest all its earnings, leaving no cash for dividends. As profitability increases in years 2 and 3, an increasing dividend can be paid. Finally, starting in year 4, XYZ settles into steady-state growth, with equity, earnings, and dividends all increasing at 4% per year. Assume the cost of equity is 10%. What should XYZ shares be worth today? Show work.