Practise question share value

Hi All

Dividends in recent years
2010 31.1
2011 32.8
2012 33.8
2013 36.0

Dividend for 2013 has just been paid and cost of equity is 12%.

My working

36.0/31.1 and cube root the answer. Take away 1 gives a growth average of 3.725%.

Then
0.36(1.03725)/(.12-.03725) = $4.51 approx.

Answer is $5.40.

Please help!

Thank you all.