Price in year 3 is the present value of the expected future cash flows. Value the stock as a perpetuity since dividends don't grow. P3 = $3 / 0.10 = $30

Discount that value back to today: $30 / 1.10^3 = $22.53944, round to $22.54
Minimight Company has never paid a dividend, and there are no plans to pay dividends during the next three years. But, in four years that is, at the end of Year 4-the company expects to start paying a dividend equal to $3 per share. This same dividend will be paid for the remainder of Minimight's existence. If investors require a 10 percent rate of return to purchase the company's common stock, what should be the market value of Minimight's stock today?