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A stock is expected to pay a dividend of $3.00 at the end of the year. The dividend is then expected to grow at 3%

A stock is expected to pay a dividend of $3.00 at the end of the year. The dividend is then expected to grow at 3% per year. If investors require a 13% return to hold the stock, what price should it trade at? Answer format: e.g. $X,XXX.XXXXXX.XX or $1,234.56 = 1234.56 (no $ sign, 2 decimal places)image text in transcribed

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