Common stock

valueConstant

growthUse the constant-growth model (Gordon growth model) to find the value of the firm shown in the following table:(Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.)

Dividend expected next year	Dividend growth rate	Required return
$1.53	8.2%	13.1%

Question content area bottom

Part 1

The value of the firm's stock is

$enter your response here.

(Round to the nearest cent.)