14. Problem 8-05 (Nonconstant Growth Valuation) B eBook Nonconstant Growth Valuation A company currently pays a dividend of $2.4 per share (Do $2.4). It is estimated that the company's dividend will grow at a rate of 20% per year for the next 2 years, and then at a constant rate of 6% thereafter. The company's stock has a beta of 1.8, the risk-free rate is 10%, and the market risk premium is 6%. What is your estimate of the stock's current price? Do not round intermediate calculations. Round your answer to the nearest cent. Grade it Now Save & Continue Continue without saving