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(Estimated time allowance: 10 minutes) ECC Corp. will pay annual dividends of $14 per share for the next 6 years. At the end of year

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(Estimated time allowance: 10 minutes) ECC Corp. will pay annual dividends of $14 per share for the next 6 years. At the end of year 7,ECC will increase the dividends by 2% per year forever. The required rate of return on this stock is 9 percent. What is the price of the stock today? When you enter your answer, do not enter the $ sign, DO NOT USE commas to separate thousands. Use 2 decimals and round your answer to the nearest cent. For example, if your result is $85.873 then enter 85.87 Your

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