2. Problem 9.02 (constant growth valuation)

Tresnan Brothers is expected to pay a $3.40 per share dividend at the end of the year (i.e., D1 = $3.40). The dividend is expected to grow at a constant rate of 9% a year. The required rate of return on the stock, Rs, is 20%. What is the stores current value per share? Round your answer to the nearest.

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