Assignment $-$ Week $7$ i

$3$

Upper Gullies Corp. just paid a dividend of $$1\mathrm{.}30$ per share. The dividends are expected to grow at $16\%$ for the next eight years and then level off to a $5\%$ growth rate indefinitely. If the required return is $11\%,$ what is the price of the stock today? $($Do not round intermediate calculations. Round the final answer to $2$ decimal places.$)$

Stock price $$

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