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6. Problem 9.11 (Valuation of a Constant Growth Stock) A stock is expected to pay a dividend of $3.00 at the end of the year

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6. Problem 9.11 (Valuation of a Constant Growth Stock) A stock is expected to pay a dividend of $3.00 at the end of the year (i.e., D1=$3.00 ), and it should continue to grow at a constant rate of 4% a year. If its required return is 15%, what is the stock's expected price 1 year from today? Do not round intermediate calculations. Round your answer to the nearest cent. $

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