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Dyer Works, Inc. has 1 million shares of $ 2 par common stock outstanding. The 2 0 2 2 dividend of $ 5 . 0

Dyer Works, Inc. has 1 million shares of $2 par common stock outstanding. The 2022 dividend of $5.00 per share was paid on December 15th. The dividend has increased by 2% per year for the past five (5) years and is expected to continue to do so indefinitely. The dividend yield on the stock is 8.5%. Calculate the current market price per share.

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