The required rate of return on the shares of Firm C is 15% per annum (discount rate). Current dividend per share in Firm C is 60 cents.

The required rate of return on the shares of Firm C is 15% per annum (discount rate).  Current dividend per share in Firm C is 60 cents.  The dividend has been growing at 12% per annum in recent years, a rate expected to be maintained for a further 3 years.  It is envisaged that the growth rate will then decline to 5% per annum and remain at that level indefinitely.  Calculate the current share price of Firm C.