A utility company will distribute $3.3 dividend exactly one year later. The industry experts estimate that the company earnings will grow at a constant rate of 7.7% for the foreseeable future. The same experts also determined that the required rate of return for the company is 14.5%. Further assume that the expected return on equity is 0.16. Calculate the value of stock. $24.51 $48.53 $52.27 $22.76