2. Problem 9.02 (Constant Growth Valuation)

Tresnan Brothers is expected to pay a $2.30 per share dividend at the end of the year (i.e., D₁ = $2.30). The dividend is expected to grow at a constant rate of 9% a year. The required rate of return on the stock, r_s, is 19%. What is the stock's current value per share? Round your answer to the nearest cent.

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