The stock of Dravo Corporation currently pays a dividend (D) at the rate of $2 per share. This dividend is expected to increase at a 9 percent annual rate for the next 3 years, at a 7 percent annual rate for the following 2 years, and then at 4 percent per year thereafter. What is the value of a share of stock of Dravo to an investor who demands a 24 percent rate of return on this stock? P=758