A company follows a dividend policy that raises dividends annually at a rate of $4\%$

$($and expects this rate to go forever$).$ The company just paid an annual dividend of

$$1\mathrm{.}21.$ The required rate of return is $15\%.$

What is today's stock price?

For your answer round to the nearest $2$ decimals. Do not use the $ sign in your

answer. For example, if the answer is $$3\mathrm{.}237$ enter your answer as $3\mathrm{.}24$ ; Do not

enter it as $$3\mathrm{.}237,$$$3\mathrm{.}2,3\mathrm{.}2,$ or $3\mathrm{.}237$

Your Answer:

Answer