Attempts

Keep the Highest $/1$

$3.$ Practice Problem $7-3$

Suppose your company is expected to grow at a constant rate of $6$ percent long into the future. In addition, its dividend yield is expected to be $9$ percent. If your company expects to pay a dividend equal to $$1\mathrm{.}14$ per share at the end of the year, what is the value of your firm's stock? Round your answer to the nearest cent.

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