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Hetfield and Ulrich, Inc., has an unusual dividend policy. The company has just paid a dividend of $7 per share and has announced that it

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Hetfield and Ulrich, Inc., has an unusual dividend policy. The company has just paid a dividend of $7 per share and has announced that it will increase the dividend by $5 per share for each of the next four years, and then due to the proposed increases in capital gains taxes they will never pay another dividend. If you require a 14 percent return on the company's stock, how much will you be willing to pay for a share today? NOTE: Enter your value as numbers and/or decimals. Do NOT use "$" or commas. For example, enter ten dollars as 10 or as 10.00, but not as "$10.00

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