XYZ Ltd last paid a dividend of $0.20 three years ago. Today the company announced they will resume paying dividends. The planned dividends are $0.65 in one year's time, $0.75 in two years' time, and thereafter dividends will increase by a constant rate of 3% p.a. indefinitely. If the required rate of return for XYZ is 12%, what is a fair price for one share today?