Check my work 10 Problem 7-31 Nonconstant Growth (LO2) gints Phoenix Industries has pulled off a miraculous recovery. Four years ago it was near bankruptcy. Today, it announced a $2 per share dividend to be paid a year from now, the first dividend since the crisis Analysts expect dividends to Increase by $1 a year for another 2 years. After the third year (in which dividends are $1 per share) dividend growth is expected to settle down to a more moderate long-term growth rate of 6%. If the firm's Investors expect to eam a return of 14% on this stock, what must be its price? (Do not round Intermediate calculations, Round your answer to 2 decimal places.) eBook Print References Current price