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Better Mousetraps has come out with an improved product, and the world is beating a path to its door. As a result, the firm projects

Better Mousetraps has come out with an improved product, and the world is beating a path to its door. As a result, the firm projects growth of 21 percent per year for 4 years. By then, other firms will have copycat technology, competition will drive down profit margins, and the sustainable growth rate will fall to 6 percent. The most recent annual dividend was DIV0 = $2.9 per share.

What is the stock price today if the discount rate is 9 percent?

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