8. Problem 9.10 (evaluation of a declining growth stock)

Maxwell, mining companies or reserves are being depleted, so it's sales are falling. Also, because it's Pat is getting deeper each year it's costs are rising. As a result, the company's earnings in dividends are declining at a constant rate of 8% per year. If Do = $3 and Rs = 9%, what is the value of Maxwell mining's stock? Round your answer to the nearest cent.

$?