b) This question relates to the valuation of shares. Ram Shack Ltd has just paid a dividend of $3.00 a share. Investors require a 13% per annum...

b)This question relates to the valuation of shares.

Ram Shack Ltd has just paid a dividend of $3.00 a share. Investors require a 13% per annum return on investments such as Ram Shack. What would a share in Ram Shack Ltd be expected to sell for today (January, 2018) if the dividend is expected to increase by 20% in January, 2019, 16% in January, 2020, 12% in January, 2021 and thereafter by 5 per cent a year forever, from January, 2022 onwards?