Sapphire Ltd has just paid $1.80 in dividends on their ordinary shares. Dividends are expected to remain at this amount for the next two years before recovering and growing by 3% for the following two...

Sapphire Ltd has just paid $1.80 in dividends on their ordinary shares. Dividends are expected to remain at this amount for the next two years before recovering and growing by 3% for the following two years and then by 5% for an indefinite number of years. If the required rate of return on these shares is 15%, what is the current value of the firm’s shares?