Chiptech, Inc. is an established computer chip firm with several profitable exisiting products as well as some promising new products in development. The company earned $2.40 a share last year. It just paid out a dividend of $0.48 per share. Investors believe the company plans to maintain its dividend payout ratio at 20% The ROE equals 20% Everyone in the market expects this situation to perist indefinitely. The required return for the computer chip industry is 18%. The company has just gone ex-dividend (i.e.. the next dividend will be paid a year form now, t=1) What is the Marekt Price of Chiptech stock? Round answer to 2 decimal places. Add your answer Integer, decimal, or E notation allowed

Chiptech, Inc. is an established computer chip firm with several profitable exisiting products as well as some promising new products in development. The company earned $2.40 a share last year. It just paid out a dividend of $0.48 per share. Investors believe the company plans to maintain its dividend payout ratio at 20% The ROE equals 20% Everyone in the market expects this situation to perist indefinitely. The required return for the computer chip industry is 18%. The company has just gone ex-dividend (i.e., the next dividend will be paid a year form now, t=1 ) What is the Marekt Price of Chiptech stock? Round answer to 2 decimal places. Integer, decimal, or E notation allowed