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10. Problem 9.10 (Valuation of a Declining Growth Stock) eBook Problem Walk-Through Maxwell Mining Company's ore reserves are being depleted, so its sales are falling.

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10. Problem 9.10 (Valuation of a Declining Growth Stock) eBook Problem Walk-Through Maxwell Mining Company's ore reserves are being depleted, so its sales are falling. Also, because its pit is getting deeper each year, its costs are rising. As a result, the company's earnings and dividends are declining at the constant rate of 3% per year. If Do - $2 and r, -14%, what is the value of Maxwell Mining's stock? Round your answer to the nearest cent. $

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