CONSTANT GROWTH VALUATION

Tresnan Brothers is expected to pay a $3.2 per share dividend at the end of the year (i.e., D₁ = $3.2). The dividend is expected to grow at a constant rate of 10% a year. The required rate of return on the stock, r_s, is 17%. What is the stock's current value per share? Round your answer to two decimal places.

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