Draymond Inc. is losing significant market share and thus its managers have decided to decrease the firm's annual dividend. The last annual dividend was $0.90 a share but all future dividends will be decreased by 10 percent annually. What is a share of this stock worth today at a required return of 15 percent? (Do not round intermediate calculations. Round your final answer to two decimal places i.e. 1.23. Do not input a dollar sign with your final answer.) Numeric Response 3.24

Draymond inc is losing significant morket share and thus its managers have decided to decrease the firm's annual dividend. The tast annual dividend was $0.90 a thare but all future dividends will be decteased by 10 percent annually. What is a share of this stock worth today at a required return of 15 answer.)