A fast-growing firm recently paid a dividend of $0.95 per shaf. The dividend is expected to increase at a 15 percent rate for the next three years. Afterwards, a more stable 10 percent growth rate can be assumed. If an 11 percent discount rate is appropriate for this stock, what is its value today? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Latest dividend Non-constant growth rate Length of time nonconstant growth rate lasts for (in years) Eventual constant growth rate Discount rate i E

A fast-growing firm recently paid a dividend of $0.95 per shan. The dividend is expected to increase at a 15 percent rate for the next three years. Afterwards, a more stable 10 percent growth rate can be assumed. If an 11 percent discount rate is appropriate for this stock, what is its value today? (Do not round intermediate calculations and round your final answer to 2 decimal places.)