$($Estimated time allowance: $4$ minutes$)$ What is the stock price today, if the next dividend $($Div$1)$ is $$33,$ the

growth rate $(g)$ is $6\%$ forever, and the required rate of return $(r)$ is $18\%.$

Click here if you would like to access the formula sheets for Chapter $7$

For your answer, round to $2$ decimals and do not use the $$.$ Do not use commas to separate thousands.

For example, if your result is $$103\mathrm{.}679$ then enter $103\mathrm{.}68$;

if your result is $$10$ then enter $10\mathrm{.}00$ ;

if your result is $$8\mathrm{.}4$ then enter $8\mathrm{.}40$

Answer:

$35\mathrm{.}64(275\mathrm{.}00)$