Fin 305 question 6

A firm recently paid a $0.75 annual dividend. The dividend is expected to increase by 12 percent in each of the next four years. In the fourth year, the stock price is expected to be $53.

If the required return for this stock is 14.50 percent, what is its current value? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Current value

$