X Ltd. last dividend was Do-R0.50, and the company expects to experience no growth for the next two years. However, X Ltd. will grow at an annual rate of 5% in the third and fourth years, and, beginning with the fifth year, it should attain a 10% growth rate that it should sustain after that. The short-term Treasury bills are paying 5% while an average share is earning its owner 8%. Nedbank Group Ltd. is a very volatile share, responding to the economic climate with a beta of 2. The share of X Ltd. is currently trading at a price of R20. 85 REQUIRED: 1.1 What is the value of the shares of X Ltd. today?