Gilliland Motor, Inc., paid a $3.52 dividend last year. If Gilliland's return on equity is 24 percent, and its retention rate is 39 percent, what is the value of the common stock if the investors require a rate of return of 17 percent?

The value of the common stock is $___. (Round to the nearest cent.)

(Common stock valuation) Gelland Motor, inc., paid a $3.52 dividend last year. If Gillands totum on oquty is 24 percent, and its retontion rate is 38 percem, what is the valios of ihe corrinot. stock if the investors require a rate of return of 17 percent? The value of the common stock is ? (Round to the nearest cent.)