Joven Corp. is a young start$-$up company and therefore is not paying any dividends

on the stock over the next $3$ years. At the end of year $4,$ the company will pay a $$3$

dividend. The company will pay a $$4\mathrm{.}41$ per share dividend at the end of year $5$ and

thereafter it will increase the dividends by $5\%$ per year forever. If the required rate of

return on this stock is $8\%,$ what is the current $($today$\text{'}$s$)$ share price? Show your

answer to the nearest $$\mathrm{.}01.$ Do not use the $ or $,$ signs in your answer.

Your Answer:

Answer