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Five Star Corporation will pay a dividend of $2.90 per share next year. The company pledges to increase its dividend by 4 percent per year

Five Star Corporation will pay a dividend of $2.90 per share next year. The company pledges to increase its dividend by 4 percent per year indefinitely. If you require a return of 11 percent on your investment, how much will you pay for the company's stock today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Stock price
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Five Star Corporation will pay a dividend of $2.90 per share next year. The company pledges to increase its dividend by 4 percent per year indefinitely. If you require a return of 11 percent on your investment, how much will you pay for the company's stock today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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