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Submitted Bon Chance, Inc., has an odd dividend policy. The company has just paid a dividend of $3 per share and has announced that it will increase the dividend by $5 per share for each of the next four years, and then never pay another dividend. If you require a return of 9.7 percent on the company's stock, how much will you pay for a share today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Current share price 47.61 Explanation Note: Intermediate answers are shown below as rounded, but the full answer was used to complete the calculation. The price of a stock is the PV of the future dividends. This stock is paying four dividends, so the price of the stock is the PV of these dividends discounted at the required return. So, the price of the stock is: + Po = $8/1.097 + $13/1.0972 + $18/1.0973 + $23/1.0974 Po = $47.61