2 Consolidated Software doesn’t currently pay any dividends but is expected to

Question

start doing so in 4 years. That is, Consolidated will go 3 more years without paying
any dividends, and then is expected to pay its first dividend (of $3 per share) in the
fourth year. Once the company starts paying dividends, it’s expected to continue to
do so. The company is expected to have a dividend payout ratio of 40% and to maintain
a return on equity of 20%. Based on the DVM, and given a required rate of
return of 15%, what is the maximum price you should be willing to pay for this
stock today?