1. 14.

Share Valuation [LO 8.1] Goondiwindi Farms just paid a dividend of $2.65 on its shares. The growth rate in dividends is expected to be a constant 3.8 per cent per year indefinitely. Investors require a return of 15 per cent for the first three years, a return of 13 per cent for the next three years and a return of 11 per cent thereafter. What is the current share price?