Intro

Pro Build Inc. has had a net income of $$16$ million in its most recent year. Net income is expected to grow by $3\%$ per year.

The firm always pays out $70\%$ of net income as dividends and has $3$ million shares of common stock outstanding. The required return is $13\%.$

Part $1$

Attempt $1/10$ for $10$ pts$.$

What is the value of the stock?