Current Attempt in Progress Your answer is incorrect. You own a company that competes with Blossom DVD Company. Instead of selling DVDs, however, your company sells music downloads from a Web site. Things are going well now, but you know that it is only a matter of time before someone comes up with a better way to distribute music. Your company just paid a $1.50 per share dividend, and you expect to increase the dividend 8 percent next year. However, you then expect your dividend growth rate to begin going down-to 5 percent the following year, 2 percent the next year, and to-2 percent per year thereafter. Based upon these estimates, what is the value of a share of your company's stock? Assume that the required rate of return is 12 percent. (Round dividends in intermediate calculations to 4 decimal places, e.g. 1.5325 and final answer to 2 decimal places, eg. 15.25.) Value of a share $ View Policies Show Attempt History Current Attempt in Progress Your answer is incorrect. Management of Crane, a biotech firm, forecasted the following growth rates for the next three years: 35 percent, 28 percent, and 22 percent. Management then expects the company to grow at a constant rate of 9 percent forever. The company paid a dividend of $1.30 last week. If the required rate of return is 17 percent, what is the value of this stock? (Round intermediate calculations and final answer to 2 decimal places, e.g. 15.20.) Value of stock $ e Textbook and Media