Stock Valuation Ferson, Inc., just paid a dividend of $3.00 on its stock. The growth rate in dividends is expected to be a constant 5 percent per year indefinitely. Investors require a 16 percent return on the stock for the first three years, a 14 percent return for the next three years, and then an 11 percent return thereafter. What is the current share price for Ferson stock?

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