38. The S.P Whitman Company has just paid a dividend of $1.00. The dividend growth rate is expected to be constant at 10% for the first 3 years, after which dividends are expected to grow at a rate of 6% forever. If rs=15% for the first 3 years and rs=10% thereafter, then what is the stock price 10 years from now (P10)? Question 38 options: $21.67

$48.81

$53.04