You have decided to expand the size of your business and will require $4,775,000 to complete the expansion. Using the information below, how many shares would you have to sell to raise the necessary funds (please round up to the nearest whole number):

• You plan to sell the shares today and anticipate that you will not be able to pay any dividends until exactly 7 years from today;
• That first dividend will be $1.70 per share;
• The value of the dividends will subsequently decline at 4% p.a. for the next 3 years, after which they will grow at 3.5% p.a. in perpetuity; and,
• Dividends are paid annually, and the required rate of return on equity is 0.2605644517% per fortnight.