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5 2.5 points Cumberland Co's stock will pay its next dividend of $6.32 exactly one year from today and a second dividend of $4.70 exactly
5 2.5 points Cumberland Co's stock will pay its next dividend of $6.32 exactly one year from today and a second dividend of $4.70 exactly two years from today. After the second dividend, Cumberland's future dividends will grow at a constant rate of 4% per year indefinitely. If the CAPM says the stock's required rate of return is 10.2% and the stock market is efficient, what should its price be today? Round your answer to the nearest penny. Type your
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